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British Pound / Japanese Yen

Cup and handle form

By UnknownUnicorn705200
Updated
Here we can see a nice cup and handle forming. stages 1-4 have been complete with 1 at the initial wave downwards followed by stage 2-3 seeing the levelling and the mirrored wave back upwards to initial value. Stage 4 marks the form of the handle and we have seen a beautiful rest at 0.382 on our Fibonacci levels indicating a bull rise back up to complete stage 5 of the pattern and indicate a rise upwards like a phoenix from the ashes. I would expect to see a large short is it breaks down through the 0.382 level and if it goes back up to complete stage 5 of the cup and handle I expect to see a bull breakout upwards. Keep an eye on this one
Comment
snapshot

If we see a hold above the trend line here it is promising to expect a continual long to complete stage 5 of the cup and handle formation to climb back up to the green line marked by points 1 and 4
Chart PatternsCup And Handlecupandhandlepatterncup-handleTrend Analysis

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