Yello Paradisers! #EGLD had been consistently forming lower lows, maintaining a clear bearish market structure. However, something important changed at the most recent low.
💎#EGLD printed a new lower low while momentum failed to confirm it, creating a clear bullish divergence. This was our first warning that sellers were losing strength and that the bearish momentum could be approaching exhaustion.
💎Shortly afterward, #EGLD delivered a strong bullish impulse that broke the previous bearish structure and established the first higher high. This was an important signal that buyers were beginning to take control.
💎During the following correction, price formed an Inverse Head & Shoulders pattern, a structure commonly associated with potential market bottoms and bearish-to-bullish transitions.
💎Once the right shoulder was completed, buyers stepped in aggressively again. #EGLD produced another bullish impulse and printed a fresh higher high, strengthening the case that the previous bearish structure had shifted toward a bullish one.
💎Now comes the part we are watching closely. #EGLD is correcting this latest bullish impulse and has reached the 0.618–0.786 Fibonacci retracement zone. This is an important area where we can monitor price action for confirmation that buyers are ready to defend the pullback.
💎If bullish confirmation develops inside this zone and the new market structure remains intact, we will be looking for a potential long opportunity targeting another higher high.
💎On the other hand, a confirmed price close below the minor support would invalidate the current bullish structure and weaken the long setup. Until that happens, we will continue monitoring this zone for bullish confirmation.
💎The Fibonacci zone alone is not enough reason to enter blindly. Confirmation from price action and market structure remains essential before considering the setup valid.
As always, patience comes first. We don’t need to predict every move or chase the market. We wait for price to come into our area, demand confirmation, and only act when the probability is on our side. Strive for consistency, Paradisers, not quick profits. Treat the market as a businessman, not as a gambler.
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