Criteria for the Cypher pattern
NOTE: The finish of the pattern matches perfectly with a high volume node which will probably serve as resistance
- The Cypher pattern starts with a market price that establishes the X and A points
- Point B retraces to 0.382 – 0.618 Fibonacci level of the leg XA
- Point C is formed when prices extend the XA leg by at least 1.272 or within 1.130 – 1.414 Fibonacci extension level
- Point D is formed when it retraces 0.786 Fibonacci level of XC
- Note: I also used the 78.6 fib of XA in confluence with the bullet above to create a "zone" for entry
NOTE: The finish of the pattern matches perfectly with a high volume node which will probably serve as resistance
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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.