3 patterns I am paying close attention to. 2 Cyphers and 1 potential Gartley. Let's wait and see if any of these play out.
There is a possible double bottom forming on USDJPY H4 right on a structure level. RSI oversold, and divergence as well. Target1 at test of previous outside return, and target2 right below retest of structure level above. Stops below the structure at 113 inversion.
It seems to me that we have an extremely deep Gartley on USDJPY. AB completes a tick from 78.6 (which would invalidate the pattern), and D completes almost at X, which gives this potential gartley an amazing R/R (according to my targets) of almost 1:3 for target 1. This is also near the top of our consolidation zone where one could quite possibly shoot for...
Still early in the making, but wanted to post this before the weekend. AUDUSD has just formed the C-leg of a potential Cypher, and started retracing a bit. Quite a long way down to D completion yet, but hopefully we'll se a push down during the coming week. If price goes in the other direction and closes above 0.73700, this would invalidate the pattern.
Price has pushed beyond the B-leg to hopefully complete a bearish Cypher pattern. The market is generally trading downwards on this pair, which gives me even more confidence on this one as it is in the direction of the underlying trend.
We have a possible Gartley Pattern on the 4H with a great risk/reward of approx. 1:1.5 on target1. X is at a descent structure level. I always use default targets on 3.82 and 6.18 A-D, but you can also put your target1 on structure at B and still get a decent risk/reward even though this is a Gartley .
A Bat pattern is about to form on EURUSD. This one might not be a valid Bat for some of you, but my rules say the C can extend as far as A as long as it doesn't push beyond it by a single tick. My targets go at the default 3.82 and 6.18 fib Levels from A to D.
There's a potential bearish cypher lining up on the AUDUSD. X is around daily structure, and the risk/reward for target1 is 1:1, which is pretty decent for a cypher.