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Possible bearish butterfly developing on daily chart measurements seam extremly good awaiting further time and movement as we get closer to confirm
I am looking for price to reject out of the upper trend-line and 50EMA then make another move down to test the 200sma/50% retracement/previous support (possibly creating a small double bottom), Wait for price action to print and confirm rejection and divergence. At this point i will be looking to get long until the completion of the CD leg
Hold until 1.27 ...
Just new to using fib extensions so nothing certain lol comments and opinions welcomed to help improve my use. just an idea to get on the trend.
After reviewing it could pullback to 61.8 and hit resistance there, which would cause completion of the downward D leg at 1.27 instead of 1.618
Good shorting opportunity, the strengthening of the JPY and weakness in NZD over the last 90 days, now including the break of the 200 sma and a break below and close below recent structure on the daily time frame it looks set for more downside.
With a strong zone of support and fib levels i expect a pullback due to profit taking and a retest of the previous ...
Price close above the Daily 200sma up to the 100Sma i originally thought 50EMA, i expect a retest of the 200sma and support from the collection of previous weekly and monthly levels then off to the upside. (hopefully for a long term trend)
Comments and advice welcomed just new to publishing ideas and am currently working my way through some harmonics books so any ...