$ETH

The first blue horizontal level is crucial. If the price does not break and close below this level, it confirms that the corrective second wave has already been completed on the lower 5-minute timeframe.

This correction forms a five-wave structure on the right side, relative to the first impulse wave on the left side. By Fib retracement to the first wave, we can see that a deep correction should not fall below the 70% retracement level, which aligns with this blue horizontal zone.

If we now see a strong bullish bounce from this area, it gives us a valid opportunity to open a long .