First ABC formation was completed at left side leaving a strong support for bullish initiation. (First Elliot Impulse) confirmations: - 5 clear points - 0 to 1 same distance as 4 to 5 - on this case 1 and 4 overlaped, because of volatility on this pair (shouldn't overlap) - consolidation after 5 completion (Cypher with ABCs on this case) We can see a minor Cypher Pattern been formed between 4 to 5, which was completed thanks to another ABC formation leaving a strong support for bullish continuation.
Second Elliott Impulse was formed after ABC formation. confirmations: - 5 clear points - 0 to 1 same distance as 4 to 5 - 1 and 4 dont overlap - type of consolidation after 5 completion (on this case got a bearish ABCD formation)
After Ending Channel was completed I measured the entire impulse for 0.786 - 0.886 area, that's the area where Ending Diagonal's and Ending Channel's are completed, the diffrence is that an ending channel has to much consolidation and an Ending Diagonal gives you 5 clear points. After Elliott Impulse was completed we got a bearish ABCD formation, I measured bearish impulse with Trend-Based Fib Extension for 1.272 - 1.414 area where ABCD was completed for bullish impulse, at this point I saw another Cypher Pattern been completed by respecting each retracements Confirmations for Cypher Pattern: - A to B must touch 0.382 but cannot exceed 0.618 - B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension) - C to D must touch 0.786 - 0.886 of X to C - First TP at 0.618 of D to C (Fibonacci) - Second TP at 0.382 of D to C (Fibonacci) We can see an ABCD formation and another Elliott Impulse been completed inside this Cypher Pattern.
At this point I expect price to be bearish for Ending Channel completion. Good Trading. -1h Chart
Komen
⋅
Update for Cypher's structure inside right leg, elliott impulse looked for new higher high and went bearish, expect bearish continuation. Good Trading. -1h Chart
Komen
⋅
First 0.5 pitchfork level was respected and got a pulback right away, at this point price is making another higher high for bearish continuation. Good Trading. -1h Chart
Komen
⋅
Higher high pitchfork level was respected for bearish continuation. Good Trading. -1h Chart
Komen
⋅
Possible bullish impulse because of this ABCD pattern inside bearish impulse, price could go up back to resistance and make a Double Top for further bearish movement, plus MACD shows bullish space. (0.382 reached) Good Trading. -1h Chart
Komen
⋅
Pure bearish movement Good Trading. -1h Chart
Komen
⋅
0.786 about to be reached Good Trading. - 1h Chart
Dagangan ditutup: sasaran tercapai
⋅
Double Floor at -0.27, this marks a strong support for bullish movement. Good Trading
Dagangan ditutup: sasaran tercapai
⋅
Komen
⋅
We can see price going bullish to another 0.786 - 0.886 area. consolidating exactly in that area for bearish impulse. Ending Channels and Ending Diagonals Good Trading, -1h Chart