With the CAD pairs popping today some of the longer term patterns are starting to come close to completing. Bearish GBPCAD cypher set up completes at an area of structure, with the big wick on the x leg not closing above previous resistance levels. Current set-up comes off another big winner on previous bullish cypher pattern completion!!
Beautiful bullish BAT that completed on daily chart, with not much pain, just hit 1st profit target +212 pips. Bearish BAT on 4hr chart is also forming completing 1.0920, but would expect resistance around current levels to hold, with a possible retracement, before final push up.
Based on price action and 52week historical chart dating back to 2Q13 earnings, you can see the previous ABCD move and 1.618 FIB extension up to 72 price level. With most recent price action, a second ABCD move for three drives pattern, and FIB extension confluence (1.414 from move up to 72, and 1.618 from most recent retracement) ..gives evidence for the next...
