๐ง Market Cycle Overview:
HWC (High Wave Cycle โ Higher timeframe): Bullish ๐ผ
MWC (Medium Wave Cycle โ Medium timeframe): Bearish ๐ฝ
LWC (Low Wave Cycle โ Lower timeframe): Bullish ๐ผ
When the higher and lower timeframe cycles are bullish but the mid-term is bearish, it usually means the market is in a resting phase. This kind of setup can often give us a golden long opportunity! ๐ฏ
๐ Price Action & Volume:
For the past 12 days, SUI has been ranging with decreasing volume. This drop in volume is often a sign that a big move is near. Just be careful โ in this phase, the market might make small fakeouts to hit stop-losses.
๐ป Short Setup:
Right now, Iโm not opening any short positions until I see the next clear leg.
I wouldnโt recommend shorting either, since itโs going against the main cycles.
But as always, stick to your own plan โ this is just my view, not a signal. ๐
๐บ Long Setup:
The $3.7815 level was the last point where price reacted and dropped.
If we get a strong breakout above that, itโs a valid long entry. ๐
โณ๏ธ Since weโre analyzing on the daily timeframe, the confirmation candle for any breakout should close on at least the 1H (1-hour) or preferably the 4H (4-hour) timeframe to be considered reliable.
๐ฏ Summary:
The market is in a correction, but the primary direction is still bullish.
Long setups are more favorable โ just wait for breakout confirmation and manage your entry with patience.
"โ ๏ธ Without proper risk management, you're just a ticking time bomb!"
โ PXA ๐
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.