Observation based on the chart:
A number of scenarios:
Symmetric triangle > as we seen the middle section (pink rectangle) acting as the magnet for the ranging level\support
Potential Harmonic pattern as we have the XABC with 0.5 and 0.96
Established channel - fib.pitchfork channel + above fib.line and below fib. line where historically played resistance and support
We have the Macro and Medium formations
My thoughts for the short move, the harmonic makes sense, target D however the confirmation will be required, if it drops out of the triangle formation.
If so, we potentially expect a bounce...as part of the overall bearish medium pattern (parting channel - black lines)
4 HRLY chart close up
Symmetric triangle pattern
MACRO overview
Triple top or triple bottom. Its unusual to have triple top play out, less likely.
A number of scenarios:
Symmetric triangle > as we seen the middle section (pink rectangle) acting as the magnet for the ranging level\support
Potential Harmonic pattern as we have the XABC with 0.5 and 0.96
Established channel - fib.pitchfork channel + above fib.line and below fib. line where historically played resistance and support
We have the Macro and Medium formations
My thoughts for the short move, the harmonic makes sense, target D however the confirmation will be required, if it drops out of the triangle formation.
If so, we potentially expect a bounce...as part of the overall bearish medium pattern (parting channel - black lines)
4 HRLY chart close up
Symmetric triangle pattern
MACRO overview
Triple top or triple bottom. Its unusual to have triple top play out, less likely.
Note
Note
It seems the bulls are protecting 10280 however what is to ignite this up is missing...the longer it goes sideways, the less likely it will go up unless there is a drop, a push downwards and if its protected then, it will give the moment that is needed. 10220? Note
Note
can it be this?Note
The move came, hitting the 0.5 fib level. Question is can the bulls take it back...I don't think so.Note
chart update: not perfect as per original post but close enough to state two milestones reached (obviously not to scale) in the micro moves 
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Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.