Bullish Crab x 5Possible stop below 281.15
Long entry level 309.15
Possible T2 390.2 to 420.5 (longer term)
MA fell from a bearish rising wedge several weeks ago at 327ish
Deep pull back ensued and seems to have recovered
Gaps below price can provide support
Pattern only valid at or above LE level
Just an observation
The Crab pattern is similar to a Butterfly pattern in that it is a reversal pattern composed of four legs marked X-A, A-B, B-C and C-D.
Like the Butterfly, it can help you identify when a current price move is likely approaching its end. This means you can enter the market just as the price reverses direction.
As with many patterns, there is a bullish and a bearish version of the Crab
Identify where the pattern will complete at point D – this will be at the 161.8% extension of the X-A leg. Place a buy order here.
If you want an aggressive profit target, however, you can place it at point A of the pattern. For a more conservative profit target, place it at point B.
Like many harmonic patterns, fibonacci retracemnts are used
