Hello Traders,
I'd keep it simple.
On the weekly timeframe, you will notice that price formed a bullish CHOCH and in doing so, formed a W pattern.
Dropping into the daily chart, you will notice that last week, price printed a daily M pattern and is yet to see a retracement.
Price is currently reaching form the weekly order block which could cause it to commence the retracement for the daily chart M pattern.
If you don't understand my use of M & W patterns, I encourage you to learn more about it.
Follow me for more sound content.
Cheers,
Jabari
I'd keep it simple.
On the weekly timeframe, you will notice that price formed a bullish CHOCH and in doing so, formed a W pattern.
Dropping into the daily chart, you will notice that last week, price printed a daily M pattern and is yet to see a retracement.
Price is currently reaching form the weekly order block which could cause it to commence the retracement for the daily chart M pattern.
If you don't understand my use of M & W patterns, I encourage you to learn more about it.
Follow me for more sound content.
Cheers,
Jabari