Overall trend in the next higher timeframe is bearish. The pattern compliments that trent. It also looks to complete near a prior resistance.
Comments
HatZ
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For the Cypher, I think you meant D point is to be measured from X to C (0.786 XC retracement).
Could you explain what you meant by "Point D as a ratio from point C to point B"?
Also, this pattern could also be considered as a bearish shark as C point completed an external retracement of AB by 1.618. In this case the completion of the pattern is 0.886 XC retracement.
I'm actually a little skeptical about this setup. I use Carolyn Boroden's work on fibonacci price clusters, and there are no clusters forming around 0.786 or 0.886 XC retracement.
dojitrader
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I meant to insert chart Not smart enough to remember hitting the insert button, I guess.
dojitrader
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I'm watching this also.
This platform does not account for Cyphers, however, it shows point D
as a ratio of point C to B when the .786, as you know, should be measured
from C to A. Thus the correct point D is around 93.65.
Usually pt d shows a figure around .71 but, in this case is higher
because pt b went past the .382 a fair distance.
Good Luck to us Both !!!
Could you explain what you meant by "Point D as a ratio from point C to point B"?
Also, this pattern could also be considered as a bearish shark as C point completed an external retracement of AB by 1.618. In this case the completion of the pattern is 0.886 XC retracement.
I'm actually a little skeptical about this setup. I use Carolyn Boroden's work on fibonacci price clusters, and there are no clusters forming around 0.786 or 0.886 XC retracement.