Main items we can see on the chart:
a) The price is inside a Daily Correction (yellow lines)
b) A bullish breakout of the structure will mean that a new motive wave is coming maintaining the proportions of the structure in which has been formed
c) Based on the current situation we have two possible paths for the price
SHORT SCENARIO: If the price breaks below the current structure (purple lines) we expect a bearish movement at least towards the next support zone
LONG SCENARIO: If the price breaks above the current structure (purple lines) we expect a bullish movement towards the next resistance zone
a) The price is inside a Daily Correction (yellow lines)
b) A bullish breakout of the structure will mean that a new motive wave is coming maintaining the proportions of the structure in which has been formed
c) Based on the current situation we have two possible paths for the price
SHORT SCENARIO: If the price breaks below the current structure (purple lines) we expect a bearish movement at least towards the next support zone
LONG SCENARIO: If the price breaks above the current structure (purple lines) we expect a bullish movement towards the next resistance zone
