I have been following this market for a few days and noticed a couple nice setups on the horizon.
Currently, this market is wanting to head down, but I believe a small retrace up is needed before entering new lows and completing the potential bullish shark (grey) and cypher pattern.
With these patterns, according to Scott C. - Harmonic Trader, with Harmonictrader.com and inventor of most harmonic patterns, his theory as written in his book in Harmonic Trading Volume 1 ( p. 185, 2004) is to wait for signs in the reversal zone before entering, rather than jumping into the trades at the completion points.
Which is what I will be doing at 103.834 or the 88.6 (maybe even the 1.13) - looking for some valid reversal signs.
Even though the Cypher Completes at the 78.6 fib (According to the guys at TradeEmpowered.com), I believe a better entry to rather look for is at the 88.6 completing the Shark pattern, along with the already complete bullish cypher.
Last thing to note is the potential for the Bearish 5-0 on the Daily soon
*grabs popcorn
Currently, this market is wanting to head down, but I believe a small retrace up is needed before entering new lows and completing the potential bullish shark (grey) and cypher pattern.
With these patterns, according to Scott C. - Harmonic Trader, with Harmonictrader.com and inventor of most harmonic patterns, his theory as written in his book in Harmonic Trading Volume 1 ( p. 185, 2004) is to wait for signs in the reversal zone before entering, rather than jumping into the trades at the completion points.
Which is what I will be doing at 103.834 or the 88.6 (maybe even the 1.13) - looking for some valid reversal signs.
Even though the Cypher Completes at the 78.6 fib (According to the guys at TradeEmpowered.com), I believe a better entry to rather look for is at the 88.6 completing the Shark pattern, along with the already complete bullish cypher.
Last thing to note is the potential for the Bearish 5-0 on the Daily soon
*grabs popcorn