Point A to B:
The initial impulsive leg forms the foundation of the harmonic pattern.
This downward movement creates a strong momentum phase.
Point B to C:
This is the retracement leg, where the price pulls back after the sharp decline (A to B).
The retracement appears to stop around the 38.2% Fibonacci retracement (marked as 0.363 on the chart), which is common...
This chart appears to represent a harmonic trading pattern, likely based on Fibonacci retracement and extension levels. Here's a breakdown of the key elements visible:
Harmonic Pattern (Possibly a Bat or Gartley Pattern):
The labeled points X, A, B, C, and D suggest this is a harmonic pattern. The Fibonacci levels (e.g., 0.504, 0.554, 0.886) indicate retracements...
