H1 Bearish Butterfly Harmonic Pattern
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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