We bounced 2 times at the upper trend channel line and could not hold the last high. And we have an open gap below, which could be a valid target. This could be worth a try although we are in a strong uptrend. So caution is recommended!
Butterfly with AB=CD x 1.618 and Bat with .786 retracement line up with trend line support. There could be a bounce.
Bat Pattern completion in $AUD.NZD at lower trend channel line. It should at least bounce a little.
AB=1.272 x CD completes at .886 of XA retracement. Not a regular pattern, but one could try a short here.
Bat Pattern completion in $AUD.CAD. But be careful, we just broke out of a down channel to the upside.
Bat Pattern completes in $AUD.JPY
Pro: 1. A Gartley (AB=CD) completion 2. Top of down trending chanel 3. Breakout area of previous Double Top formation, which has not reached a 1:1 measured move target yet 4. We have end of May Contra: 1. The previous Double Top breakout area has been tested twice and we had a breakout to the upside. (Blue Triange) Conclusion: This is perhaps not(!) a high...
AB=CD x 1.272 in confluence with XA x 1.272
Butterfly pattern completion in $AUD.JPY
In $EUR.AUD there is a confluence of: - AB=BC x 1.618 - 0.618 of XA retracement - upper trend channel line This should be worth to try another short.
"Batley Pattern" completion in $GBP.CHF 4h chart. However we have to be cautious of this one, because we had a reaction at the .786 level in combination with the first AB=CD already. So hopefully we will get the second reaction at the second AB=CD in combination with the .886 level. This one is a kind of mixture between a Gartley and and Bat, i.e. a "Batley...
I am not an Elliot Wave expert, but here we aproach the completion of a three drive pattern. So after the 5th wave up we should get 2 legs down.
Interesting Double Bat Pattern Formation. It looks like we have a big trading range at the bottom of a large downtrend in AUD/NZD. We have had a nice Bat pattern and it looks like there will be another one. But I do not think that the exact same thing will happen again with this second BAT. Therefore we should be prepared for an early up turn perhaps even before...
The pattern completes at the 0.764 level. I do not like the big bear candle, so perhaps only a small position.
AB=CD completion at .786 fib level + trend channel. Should be good enough for a bounce although the AB=CD is not very clean.
Gartley with a AB = 1.272 x CD terminating at 0.786 XA could result in another down move. But be cautious, because of the steep green candle.
Head and Shoulders breakout to the downside. Could result in a move down to at least 0.786 retracement, because this lines up exactly with a 1:1 measured move of the right shoulder.
Deep Crab Pattern terminating at 1.272 extension of prior bigger swing + bearish outside candle in the 4h chart. Could be a swing top here.