A chosen swing low to swing high (or high to low) used as the frame for measuring premium, discount and equilibrium.
How traders use it: Usually the most recent leg that broke structure. Redraw it when a new external swing forms.
Common mistake: Anchoring to an arbitrary pair of points that makes the current price look "cheap".
Related: Premium and discount · Equilibrium (50% level)
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Concepts only. Education only, not financial advice. No pattern on this site has a published win rate.