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Deep Crab

GBP/USD - Bearish Deep Crab (500+ Pips)Hello traders, it appears GBP/USD is now forming a bearish deep crab pattern on the 4h chart. This is an excellent opportunity with a potential 500+ pip return! The measurements for a valid deep crab are detailed below. B: 0.886 C: 0.382 - 0.886 D: 2.24 - 3.618 (D point falls short of the minimum requirement, but I'll see how this setup plays out) X to D: 1.618 I'll be expecting price to stall out once it reaches the D point, keep this setup on your watch list. Connect with me on social media for more trading inspiration :)
Short
by LewisGlasgow
20
The DOW is in a 10 Year Harmonic Reversal ZoneThere are two deep crabs on the monthly DJIA chart with the largest spanning nearly 10 years. That puts us right inside of a massive harmonic potential reversal zone. IF this PRZ holds we could see a very deep retracement of the bull run of the last 7 years. HOWEVER, if this harmonic reversal zone fails by becoming support, then we could definitely see higher prices for quite some time and it would be a good idea to be long the market until the market gives a different signal to exit. Remember Harmonics work in both directions, a failed harmonic is usually a strong signal to go long and continue riding out the predominant trend. This also coincides perfectly with my long-term Elliott Wave and fundamental analysis. So if this zone does end up failing it could be extremely violent to the upside, but for now it looks like the market could be nearing a top very soon. There may be a small amount of uptrend left in this but if this PRZ is going to hold it shouldn't go very much higher than 22000, however, a small wick above those prices wouldn't necessarily invalidate the larger harmonic either, only a sustained move in which the PRZ itself becomes a level of support would be enough to call it invalid. Also based on my speculative count at the moment, it looks possible that we could break down soon and trend sideways between the top and 15000 for a few years before finally breaking down and testing 9200, but this could be quickly changed with new information because it is very unconfirmed at the moment. Either way the harmonic will likely pick the highest price and from there it will be a long cycle of no growth and eventual recession/depression.
DJ:DJIShort
by Intuit
3
Deep Crab Pattern - DailyPrice reversal zone comes at the 61.8 of the uptrend, The Deep Crab Pattern™, is a Harmonic pattern™ discovered by Scott Carney in 2001. harmonictrader.com The critical aspect of this pattern is the tight Potential Reversal Zone created by the 1.618 of the XA leg and an extreme (2.24, 2.618, 3.14, 3.618) projection of the BC leg but employs an 0.886 retracement at the B point unlike the regular version that utilizes a 0.382-0.618 at the mid-point. The pattern requires a very small stop loss and usually volatile price action in the Potential Reversal Zone.
Long
by rangika_ailapperuma