EURGBP (Ending Channel, Three Drive and Shark Pattern) -1h Chart
Updated
Ending Channel was formed with 5 clear points (elliott impulse) and formed a Three Drive Pattern at top for bearish movement. thanks to that bearish movement a Shark Pattern was formed with some confirmations:
- A-B must touch 0.382, but cannot touch 0.618
- B-C must touch 0.618, but sometimes exceeds A retesting previous levels (FIbo A-B), or just keep an eye on that 0.236.
- D completion at 0.886 (Fibo X-A)
- take profits at 0.382 and 0.618 (Fibo C-D)
- third TP would be long term back to where it all started
But we also have another TP around 0.786 - 0.886 area for Ending Channel completion.
Good Trading. -1h Chart
- A-B must touch 0.382, but cannot touch 0.618
- B-C must touch 0.618, but sometimes exceeds A retesting previous levels (FIbo A-B), or just keep an eye on that 0.236.
- D completion at 0.886 (Fibo X-A)
- take profits at 0.382 and 0.618 (Fibo C-D)
- third TP would be long term back to where it all started
But we also have another TP around 0.786 - 0.886 area for Ending Channel completion.
Good Trading. -1h Chart
Note
Shark Pattern completed at 50 % with some news volatility afterwards, at this point I expect price to be bearish.Good Trading. - 1h Chart
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