Disclaimer - This is not financial advice and I am not responsible for any losses you may incur, I post this chart only for educational and research purposes. Please trade responsibly and always respect your stop loss. My research has shown that when a 3rd wave extends and ends around half way between the 1.618 and 2.618 region (relative to wave 1), wave 5 tends...
- Breakout of parallel channel
- Confluence: 61.8 fibonacci level rejection on H4 which happens to be my H4 resistance level (1.3210)
- EMAs crossover with price action below supporting bearish bias
- Bearish sentiment on sterling with uncertainty looming over brexit
- Price seems to be heading back towards the 1.3000 psychological level
- 60 pips target with 30 pips stop
Now threatening previous structure resistance, it's also the bullish alt bat pattern default first target, the 38% fib retracement.
The inverted head and shoulders default projection will put the price at previous structure support forged last March 1st, positioned at 1.2164.
The bearish deep crab pattern positioned at 161.8% extension on hold at...
Looking pretty harmonic here!!!! $42.70 looks like good support on the 4h chart. Might look for a bounce off of the.618 retracement or a move down to point d with a potential reversal zone of $41 to $41.75