MNHLDG - Which sentiment is stronger, Bullish or Bearish?The chart presents two potential outcomes depending on the current market sentiment. The candle is below the Kumo, suggesting bearish momentum, but both bullish and bearish scenarios are possible:
N wave with E, V, N & NT projection.
The price is below the Kumo, indicating a bearish trend. However, a break above the NT level and Kumo could trigger a bullish shift.
The Chikou-Span is below the price action, which confirms the bearish trend, but a breakout above the Kumo would reverse this sentiment.
A buy signal could be confirmed with a close above 0.935 (NT level) and ideally above the Kumo.
Watch for a Kumo breakout to validate this bullish outlook. Failing to break above NT could invalidate the bullish scenario.
Wait for a breakout above the Kumo and NT (0.935) to confirm a bullish move towards 1.02, 1.05, and 1.10.
Y wave, target (E) within stipulated range.
The corrective Y wave formation is seen with the potential to continue downwards if the price fails to break above the NT level and remains under the Kumo.
The price is below the Kumo, and the Chikou-Span is also confirming bearish sentiment. If the price stays below NT (0.935) and continues its downward path, the bearish outlook strengthens.
If the price rebounds at (E) in the bearish scenario (Y wave), it could signal the end of the corrective phase and the potential for a new bullish wave to begin. Here's how you can approach the situation:
E (0.820 - 0.835): This zone represents the final target of the bearish Y wave. If the price reaches this level and shows signs of support or bullish reversal patterns (e.g., bullish engulfing, hammer), it could signal the beginning of a bullish recovery.
Look for candlestick patterns like a bullish engulfing or a hammer around the E (0.820 - 0.835) level.
If the price moves above the Kumo after a rebound from E, it will further confirm the bullish reversal.
A cross of the Tenkan-Sen over the Kijun-Sen below the Kumo could signal early bullish momentum.
After the rebound, the price could start a new N wave pattern with an upward trend.
New projections for N, V, and E targets can be calculated based on the rebound.
If a strong rebound is confirmed near 0.820 to 0.835 with bullish price action and Ichimoku alignment, consider entering a long position.
Place a stop-loss slightly below the E level (0.820) to minimize downside risk.
First target: Near previous resistance levels, likely around 0.94 (NT level).
Subsequent targets: 1.02 (N), 1.05 (V), and 1.10 (E) from the potential new N wave.
This would offer a good risk-to-reward setup, assuming the price respects the E level and bullish momentum follows.
Note:
1. Analysis for education purposes only.
2. Trade at your own risk.
