First ABC formation was completed at left side leaving a strong support for bullish initiation. (First Elliot Impulse) confirmations:
- 5 clear points
- 0 to 1 same distance as 4 to 5
- on this case 1 and 4 overlaped, because of volatility on this pair (shouldn't overlap)
- consolidation after 5 completion (Cypher with ABCs on this case)
We can see a minor Cypher Pattern been formed between 4 to 5, which was completed thanks to another ABC formation leaving a strong support for bullish continuation.
Second Elliott Impulse was formed after ABC formation. confirmations:
- 5 clear points
- 0 to 1 same distance as 4 to 5
- 1 and 4 dont overlap
- type of consolidation after 5 completion (on this case got a bearish ABCD formation)
After Ending Channel was completed I measured the entire impulse for 0.786 - 0.886 area, that's the area where Ending Diagonal's and Ending Channel's are completed, the diffrence is that an ending channel has to much consolidation and an Ending Diagonal gives you 5 clear points.
After Elliott Impulse was completed we got a bearish ABCD formation, I measured bearish impulse with Trend-Based Fib Extension for 1.272 - 1.414 area where ABCD was completed for bullish impulse, at this point I saw another Cypher Pattern been completed by respecting each retracements
Confirmations for Cypher Pattern:
- A to B must touch 0.382 but cannot exceed 0.618
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 - 0.886 of X to C
- First TP at 0.618 of D to C (Fibonacci)
- Second TP at 0.382 of D to C (Fibonacci)
We can see an ABCD formation and another Elliott Impulse been completed inside this Cypher Pattern.
At this point I expect price to be bearish for Ending Channel completion.
Good Trading. -1h Chart
- 5 clear points
- 0 to 1 same distance as 4 to 5
- on this case 1 and 4 overlaped, because of volatility on this pair (shouldn't overlap)
- consolidation after 5 completion (Cypher with ABCs on this case)
We can see a minor Cypher Pattern been formed between 4 to 5, which was completed thanks to another ABC formation leaving a strong support for bullish continuation.
Second Elliott Impulse was formed after ABC formation. confirmations:
- 5 clear points
- 0 to 1 same distance as 4 to 5
- 1 and 4 dont overlap
- type of consolidation after 5 completion (on this case got a bearish ABCD formation)
After Ending Channel was completed I measured the entire impulse for 0.786 - 0.886 area, that's the area where Ending Diagonal's and Ending Channel's are completed, the diffrence is that an ending channel has to much consolidation and an Ending Diagonal gives you 5 clear points.
After Elliott Impulse was completed we got a bearish ABCD formation, I measured bearish impulse with Trend-Based Fib Extension for 1.272 - 1.414 area where ABCD was completed for bullish impulse, at this point I saw another Cypher Pattern been completed by respecting each retracements
Confirmations for Cypher Pattern:
- A to B must touch 0.382 but cannot exceed 0.618
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 - 0.886 of X to C
- First TP at 0.618 of D to C (Fibonacci)
- Second TP at 0.382 of D to C (Fibonacci)
We can see an ABCD formation and another Elliott Impulse been completed inside this Cypher Pattern.
At this point I expect price to be bearish for Ending Channel completion.
Good Trading. -1h Chart
Note
Update for Cypher's structure inside right leg, elliott impulse looked for new higher high and went bearish, expect bearish continuation.Good Trading. -1h Chart
Note
First 0.5 pitchfork level was respected and got a pulback right away, at this point price is making another higher high for bearish continuation.Good Trading. -1h Chart
Note
Higher high pitchfork level was respected for bearish continuation.Good Trading. -1h Chart
Note
Possible bullish impulse because of this ABCD pattern inside bearish impulse, price could go up back to resistance and make a Double Top for further bearish movement, plus MACD shows bullish space. (0.382 reached)Good Trading. -1h Chart
Note
Pure bearish movement Good Trading. -1h Chart
Note
0.786 about to be reachedGood Trading. - 1h Chart
Trade closed: target reached
Double Floor at -0.27, this marks a strong support for bullish movement.Good Trading
Trade closed: target reached
Note
We can see price going bullish to another 0.786 - 0.886 area. consolidating exactly in that area for bearish impulse.Ending Channels and Ending Diagonals
Good Trading, -1h Chart
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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.
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.