Multiple confluent signals.
- Butterfly Advanced Pattern (not my favourite but it's an AB=CD pattern)
- 1,27 fib inversion
- 61,8 fib retracement
- Support (blue zone, look left for multiple times that price action react to that level.
- RSI oversold and divergence
AB=CD pattern has occurred. The trend is now bullish and will be a good opportunity to enter the market.
Futhermore, the wedge pattern has been been broken and that is a positive sign for the trade to go bullish.
Also the EMA has now move to the opposite side of the trade meaning the market is showing a strong bullish sign.
In the screencast I show the evidence of a setup that is approaching, for a nice controlled loss. Loss? Nobody want's to hear about that - but it is exactly what we do!
1. Alternate ABCD pattern with a C-point at 50% (Scott Carney criteria).
2. Zone of congestion.
3. Probabilities for the south based on ATR-based indicator and GMMA.
There is a head and shoulders pattern playing out around the 0.5 - 0.618 fibonacci retracement zone. If as expected we will see a short following the C-D trend line of the AB=CD pattern. This should occur with the MA's crossing over to the down side for a good stretch. 1.7440 should be the next target after this roll over down a parallel channel, then a possible...
as well as the head and shoulders pattern I posted yesterday, at the point of the right shoulder, is a 618 retracement and a 1414 extension overlapping nicely, also an abcd pattern finishes in the same area, the yellow box is where ill be looking for a long opportunity, Rsi is also becoming overbought, a cypher pattern c leg is also near the zone, we patiently...