Daily Study. ABCD Pattern Completion and targets in play
Price has completed a full ABCD pattern from Sep 2012
and also a minor ABCD with 161 extended D-point. Since
the price has been attempting to reach targets. First target
was the full swing CD move of minor ABCD. The technical
target hasn't been reached yet (1,0790).
One scenario is more bullish. Since price completed the
large ABCD prematurely w a fast latter CD leg, there is some
chance for an ext D-point. Yet, w three failed attempts to breach
1,12 level finishing with a marked wash & rinse, chances are
that the minitarget of the large ABCD will be reached. Thus,
looking for weakness on this bounce around 1,1020/1,1085
levels is my main idea, aiming for 1,0580 (Technical minitarget of large
ABCD) or 1,0650 (the full swing minitarget).
and also a minor ABCD with 161 extended D-point. Since
the price has been attempting to reach targets. First target
was the full swing CD move of minor ABCD. The technical
target hasn't been reached yet (1,0790).
One scenario is more bullish. Since price completed the
large ABCD prematurely w a fast latter CD leg, there is some
chance for an ext D-point. Yet, w three failed attempts to breach
1,12 level finishing with a marked wash & rinse, chances are
that the minitarget of the large ABCD will be reached. Thus,
looking for weakness on this bounce around 1,1020/1,1085
levels is my main idea, aiming for 1,0580 (Technical minitarget of large
ABCD) or 1,0650 (the full swing minitarget).
Penafian
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