I'm only a newbie, but this looks like a Bearish Butterfly on the hourly chart to me. The Fibonacci retracements of AD line up nicely with previous important levels.
If price reverses in the Potential Reversal Zone, I believe these targets could be hit:
Target 1 | 0.382 AD (1.12155) | R/R = 2.56
Target 2 | 0.618 AD (1.11741) | R/R = 4.15
If price drops below 0.618 AD, the following targets might also be attainable:
Target 3 | 1.000 AD (1.11741) | R/R = 6.71
Target 4 | 1.618 AD (1.09985) | R/R = 10.85
Target 5 | 2.618 AD (1.08829) | R/R = 17.75
If there is no reversal, price might rise to around 1.16 (and then reverse big time...)
If price reverses in the Potential Reversal Zone, I believe these targets could be hit:
Target 1 | 0.382 AD (1.12155) | R/R = 2.56
Target 2 | 0.618 AD (1.11741) | R/R = 4.15
If price drops below 0.618 AD, the following targets might also be attainable:
Target 3 | 1.000 AD (1.11741) | R/R = 6.71
Target 4 | 1.618 AD (1.09985) | R/R = 10.85
Target 5 | 2.618 AD (1.08829) | R/R = 17.75
If there is no reversal, price might rise to around 1.16 (and then reverse big time...)
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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.