Hi Traders, thought to get this one up while the markets are sleeping. Here we see a fair amount of impulse legs we can take advantage of for pattern traders.
In this analysis you can see 6 light blue impulse legs, 1 pink major impulse based on Higher Time Frame
We also have some Fibonacci confluence - 78.6% for Cypher Entry depending on which Impulse leg you choose either would be valid entry. in these zones we have a 50.0% and 61.8% confluence from our higher impulse legs to the lowest which would be our C Leg
We also have some previous support which was broken and became resistance when retested - marked level in Green rectangle zone with outer red line indicating it was previously support. This is our 4H SR zone. Also Higher Time frame this area shows as a very respected zone looking at the Daily Chart
There is also a 141.4% CB Inversion
As always entry level, initial targets and stop on screen - keep in mind these would alter depending on which structure or X leg you choose in your analysis or your rules for stops.
Also targets would be dependent on when we get a D completion, targets should be adjusted when we have a clear D Completion.
From analysis we still have room to go down to 1.74274 area and possible fall for a retest of 1.73000 - our previous break and close below at the 1.73000 usually indicates a continuation in that direction.
Pattern will be invalid if we fall and close below C Leg of our 141.4% Fib Ext of our XA move - or if we violate the X Legs
As always follow your rules and happy trading.
In this analysis you can see 6 light blue impulse legs, 1 pink major impulse based on Higher Time Frame
We also have some Fibonacci confluence - 78.6% for Cypher Entry depending on which Impulse leg you choose either would be valid entry. in these zones we have a 50.0% and 61.8% confluence from our higher impulse legs to the lowest which would be our C Leg
We also have some previous support which was broken and became resistance when retested - marked level in Green rectangle zone with outer red line indicating it was previously support. This is our 4H SR zone. Also Higher Time frame this area shows as a very respected zone looking at the Daily Chart
There is also a 141.4% CB Inversion
As always entry level, initial targets and stop on screen - keep in mind these would alter depending on which structure or X leg you choose in your analysis or your rules for stops.
Also targets would be dependent on when we get a D completion, targets should be adjusted when we have a clear D Completion.
From analysis we still have room to go down to 1.74274 area and possible fall for a retest of 1.73000 - our previous break and close below at the 1.73000 usually indicates a continuation in that direction.
Pattern will be invalid if we fall and close below C Leg of our 141.4% Fib Ext of our XA move - or if we violate the X Legs
As always follow your rules and happy trading.
Note
Patterns now invalid with our break and close below. Based on price action it was a big ask for price to get to this entry level. For those who missed shorting opportunities will surely keep a look at what next week presents. Based on the Daily I believe we will violate the 1.73000 as previously mentioned.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.
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.