what is shown in the Chart is a Bullish AB=CD patten. AB=CD pattern is important as it is the frame work for ALL harmonic patterns as put forth in Scott Carney's Book Harmonic Trading Vol. 1. Here we have a "C" point that is almost a .786 retrace of the AB point. with that being said we use the 1.27 PROJECTION of the BC points. once the pattern has EXTENDED to completion which is shown by the turquoise line and the other pending order from another pattern on the hourly price should reverse and continue its consolidation!
Comment:
PATTERN COMPLETE PA CAME DOWN TOUCHED THE TURQUOISE LINE AND REBOUNDED FOR A NICE PROFIT