Is this a valid IB setup?

Yes, But we will skip it -

  • As per the theory of IB which we are following, we are supposed to take PDH/PDL as stop-loss; in this case, the stop loss is too high. So, NO.

  • Support and Resistance-wise, it is at neckline and indecisive. It basically bounced from the lowest point from the support and bounced down from the highest point from the resistance.