Well, this is a complex situation in a harmonic perspective from my point of view. Even though I was looking for a completion of Shark 1 at the beginning, after last week's extremely strong bearish move with small to no pull-backs, I can assume that the last H4 bullish candle was a simple profit taking on Friday rather than reaction of the first Harmonic pattern (Shark 1). Analyzing deeper the Market structure from higher time frames, I will be looking closely at the price action in 103.95 - 103.85 area if price comes down to these levels expecting more clues to support this idea moreover the SL of last two harmonics is quite wide (50 pips). It is very rare to see two different harmonic patterns to be completed at literally the same price levels which by itself is already a strong clue to look for counter-trend move even-though it could be a simple pull-back.
The idea will be updated accordingly.
The idea will be updated accordingly.
Note
Rising edge pattern ending at significant structure resistance, provides us with opportunity to short this pair for a second touch of the harmonics. Enter short if lower boundary of the wedge is broken. Good luck!
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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.