it's near the top of the Channel and this Channel is ending as wave 5 after finishing the correction of the last impulsive wave(Wave 3)
it's near the bottom of the bearish channel to complete the ABCD pattern, by using Time fibo the time target is specified
I Drew a Pitchfork that perfectly worked and found a ABCD Pattern that complete a bit Above of the top line of Pitchfork. But I Believe IF price can break the Pitchfork's Top line and enter the pitchfork it will complete a Reversal Head and shoulder Pattern and the target of this pattern is the yellow rectangle shown near the mid line of pitchfork.
Completing ABCD pattern at the top of the channel make a strong resistant area that price couldn't broke this are recently so it's possible that a downtrend begin and price goes down to the bottom line of channel and complete another ABCD pattern at the last yellow rectangle.
In near 114, usdjpy completed a Bearish Shark pattern but it's possible to complete the uptrend. if the trend continue another Bearish shark pattern will complete at 116. personally I believe the second scenario has more chance to happen.
Touch the top line of the channel and complete the ABCD pattern, so this area is a strong resistant. we should wait for short triggers.
As you can see the bullish channel has broken and price is going for pullback and after that we can set our short positions.
In elliot Wave Counting it seems that price is near the end of wave C of correction of the last bearish impulsive wave and we should wait for finish this correction to short
As every body can see eurusd will complete 2 Bearish pattern and complete them is very close, I mention to the Elliot wave counting that we are close to end of C wave of correction and all of these reason say wait for short positions and long positions are very very risky.
today EurUsd start an uptrend as correction of the last Downtrend and reach to 1.98 near the 78.6 Fibo retracement. But notice that when price come back to the downtrend it will continue a reversal Head& shoulder Pattern that after break the neck line on 1.85 , target of this pattern is about 1.68
After complete abcd pattern at the bottom of the bullish channel began a bullish trend and passed all the resistant and go for the top line of the channel to complete ABCD pattern there. If it can complete ABCD near the top line of channel we have a very strong Resistant area there because of target of ABCD pattern and the top line of channel and they can send the...
Ending Diagonal Has Completed and I open a short Position on EurUsd
As you can see in my chart I have a Long term Pitchfork and a midterm pitchfork on EURUSD. Please Notice to the Great reaction of price to the Lines of pitchfork and The past ABCD Patterns. But now after the top line of the first pitchfork and midline of the second pitchfork Touched Price Faced a very strong resistant so back to Bearish and began a downtrend but...
If AUDCAD can Break the Pitchfork(IT WILL!!) It goes to complete the shark bullish pattern and then start another up trend
Strong Support Is near the where the price is so be careful to short and wait for long triggers
An ideal pitchfork that act very good. as u can see price complete the pullback to the broken mid line of pitchfork, support of this mid line can push the price to the top line of pitchfork.
I see this Triangle today and as you know usually these kind of triangles happened in wave 4 and wave 5 will occur after break the top line of the triangle and usually grow equal to the Base of the triangle.