Hi all,
My previous publication suggested that price last week would reach out to the 0.786 retracement for a harmonic completion before resuming the last impulse wave of the superceding structure. It hasn't quite done so (yet). However on the likely that this bullish correction is over and that we won't see higher prices in the near future, I will anticipate short opportunities now before it's too late.
Following last week's price breach of the ascending trendline (ABC) indicating a 'possible' termination of bullish correction, we saw a strong pull back into an area from which we can infer offers a valid bearish head and shoulder pattern. Concurrently this price area is also a potential reversal zone as per the gartley harmonic completion (purple) at the .78 retracement. From a larger perspective, price has finally found resistance from the .38 fib retracement after an exhausting wave 3 bearish rally. So it wouldn't be unfair to assume that the bears will look to take this one home by completing the wave structure.
Otherwise, if the market pushes price above the 27th high then we could expect bears to take charge proceeding the cypher harmonic completion and wolfe wave completion.
Regards
Laurence
My previous publication suggested that price last week would reach out to the 0.786 retracement for a harmonic completion before resuming the last impulse wave of the superceding structure. It hasn't quite done so (yet). However on the likely that this bullish correction is over and that we won't see higher prices in the near future, I will anticipate short opportunities now before it's too late.
Following last week's price breach of the ascending trendline (ABC) indicating a 'possible' termination of bullish correction, we saw a strong pull back into an area from which we can infer offers a valid bearish head and shoulder pattern. Concurrently this price area is also a potential reversal zone as per the gartley harmonic completion (purple) at the .78 retracement. From a larger perspective, price has finally found resistance from the .38 fib retracement after an exhausting wave 3 bearish rally. So it wouldn't be unfair to assume that the bears will look to take this one home by completing the wave structure.
Otherwise, if the market pushes price above the 27th high then we could expect bears to take charge proceeding the cypher harmonic completion and wolfe wave completion.
Regards
Laurence
Dagangan aktif
Limit was triggered at the .786.Stops: breakeven
Target: 9245
Nota
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Harmonic Traders could identify this almost perfect cypher pattern. I will be conservative with my short and respect the pattern shown, especially after seeing this huge bullish engulfing candle.
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Adjusted stop loss: 9540
Dagangan ditutup secara manual
Take profit.
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.