Harmonic ABCD has completed. price has rejected 161 level. which is also previous major support / resistance area this has now formed a double top. we now have bearish momentum. and i am expecting a retrace of the AD move. 1st target is 38% and 2nd target is 50%. stop loss is above previous high at 0.7910
0.79 do look like an attractive selling level. However prices have been consolidating/pushing higher the past week. Current RSI is overbought as well. I am expecting a retrace too. Let's hope we are right
PortmoreCapital
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yes jonathan lets hope. i am not expecting a full retrace back to 61% i will take profits at 32% and 50%