On 240 min we have a bearish CYPHER pattern completed and a bearish BAT pattern. Blue arrows create an ABC structure at the BAT completion point. So the red box can be a strong resistance zone for a sell setup. We can see also divergences. Wait for confirmation before entering the trade.
1.Bearish Cypher & BAT patten 2. ABC structure 3.Divergeces
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During yesterday was created a Deep Crab pattern in (green) in the big 240 min picture. Maybe this is of the trend up considering the place where the Crab was created. Anyway there is also a positbility that the price can retest the blue zone before going down. On the 60 min time frame we have a small confirmation for the downside move.
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Butterfly pattern completed and this can be the last adcanced pattern also for the beginning of a new trend to downside.
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Trader_Dale
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Hello mate, thanks for sharing your idea. I really like the 3 confluences you found. It looks like a very strong area (also based on my market profile - volume it looks very good).
Best of luck!
Dale
*You can have a look at some of my analysis at my profile if you would like. I publish them every day.
KlejdiCuni
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@Trader_Dale, Thank you. I hope it can help you:) Good Luck
Best of luck!
Dale
*You can have a look at some of my analysis at my profile if you would like. I publish them every day.