In case this pattern completes it might be a good re-entry level for a short: right shoulder of H&S pattern around the 0.50-0.618 retracement of the down move... SL above the high, TP1 at 0.6181 and previous swing low and S/R. If it all works out and continues down then take TP2 around 1.25 where the original TP2 for the bearish harmonic is..
Triangle broke out to the upside (see linked idea), now at the S/R (not broken yet but I think it will...), looking for a retracement to enter long at a good position. If we go further up I will be looking for a reaction at completion of the Gartley/Bat pattern with PRZ range between 0.786 and 0.886 of XA, preferably 0.886... If it overshoots then look for a...
At the trendline now, initial reaction to the upside, possible up retracement or imulse wave started. If it continues up strongly then try and buy in on corrective patterns or watch the harmonic pattern above to get short... If it breaks the trendline then re-enter short until either of the 2 levels as shown on the chart (where possible harmonic patterns might...
Possible wave count and prediction of smaller degree wave 5 (Roman numerals). Hard to tell how large the possible retracement could be and if it will be the end of the larger degree wave 5 (circled wave count). In any case I will be watching the PA closely when we approach my target level for a potential short trade (blue circle)... Zoom out for the bigger picture...
Didn't break the Quasimodo support, possibly going up again now... Stochastics oversold Target: 1.09 - 1.10 If it goes in the right direction: keep an eye on the possible Cypher levels for a possible retracement...
The range has been tightening and forming what seems to be a triangle. Could mean one more down wave (triangle is most often seen in a wave 4) in the big down trend if it breaks to the downside... First stops are either support below or resistance above depending on the direction of the breakout, then we'll have to see what happens there... It might possibly...
Would be almost a perfect bearish gartley if it reacts at the PRZ around 7407... That would mean though that the down trendline over the last to highs would be broken, keep that in mind... I'm watching 7350 first (trendline), then the Gartley B and then ultimately the Gartley D around 7407 with possible re-entry arouond 7426 and last call at the high around...
AB=CD complete and MA hit as per the previous idea. Long entries at 108.35 and 108.20.
I think this is it and the Crab has completed... I updated the count according to what looks like an ending diagonal for circled wave 5... Now correcting below the ending diagonal line in black and above the blue trendline for the whole of this wave... We see a small flag here, zoom in on the hourly to see it better... Break of the flag and thus also the blue...
Back at the trendline of this possible corection..., will it break now...?
Target for the short and new possible longterm long might be coming up if the AB=CD completes. I would say between roughly 110 and 108.50 would be nice. Watch for confluence of MA and pattern with oversold levels or divergence. Might be wave 4 retracement. Could drop to around 107.25-106.50 though (1.618 extension + 0.618 retracement) in which case it could still...
The maximum Butterfly (blue) got us to TP1 only (7099)... The small bat (green) did the job perfectly: TP1 and TP2 (7255-7213)... Possible Crab (pink) completes around 7450... Wouldn't this be a lovely level to short...? Possible to phase in the entry starting right now and adding if it gets up there, I would even consider a third and final entry at 7495, just...
We are essentially flat on daily and weekly basis and almost in the middle of this horizontal range. Ir's possible that we will get some more ranging but weekly BB is getting very squeezed so in the end we should get a weekly breakout and I think the final direction will be up... Based on the current level of stochastics the next move is most likely up so this...
Possible S/R zone coming up. Could bounce or break... Bounce back to up trendline or 0.71 level but if it breaks then we should reach 0.81... Good confluence for a short there... Biased long for now, hoping to get the good short at around 0.81...
Turned down at the 0.786 level (Gartley) while I was waitig for the 0.886 level (bat)... I think we will go at least down to 0.7050 (0.382 + MA + trendline) and maybe even lower (0.618 + trendline)...
Still weak, as opposed to Barclays and Deutsche it didn't move up alot... Another wave down to between 8 and 4 would ideal as a bying opportunity... I hope we get there...
Good position to have some retracement but not willing to go down alot at the moment... Waiting...
I was hoping for a lower buy opportunity but the high volume reaction at the 10.00 round level may have been the start of a new uptrend.... Possible opportunity to get in on the action around the 0.618 level of the recent up move and possible Quasimodo support... (target 11.50-11.00)