GC1! - Sep 9-13 AnalysisMonthly :
Monthly CRT (bearish) in progress.
ERL -> IRL. Mostly likely IRL would be the monthly volume imbalance co-inciding with the 50% (2487.1) of the previous monthly candle.
Overall monthly PA is still bullish. Hence multiple confirmations needed for bearish scenario.
Weekly :
last week completed the ERL-> IRL on weekly reaching the weekly fvg (in blue) and bouncing from there
The bounce was also from 61.8% of the last 3 week's range which was expected but additional rejection was seen from weekly Volume imbalance (in red)
weekly chart is neutral as of now. Need to see reaction of price at 50% and OTE of range to confirm any long or short bias
Daily :
Daily chart is also neutral with a slightly bearish bias as price looks to reject from the bearish daily OB.
However would need a strong displacement early in the week (Mon/Tue)on the down side to confirm the bearish scenario.
4 hour:
The 4h chart is seen consolidating in a range.
We need confirmation here to confirm our bias on either side.
Summary :
Monthly action shows bearish conditions, but we need confirmation on lower time frames to confirm our bias. Most likely wait and watch for price to give a confirmation before engaging further. However range traders are most likely to find quick opportunities if the setup presents itself.
