Hello bulls n bears and harmonic traders, This is not to scare to you all, its not financila advise its for educational purposes. I was looking monthly chart to see if there is any qualified harmonic patterns, as you all know most top formations happens in M shape versus W shape bottoms, This research I look market structure formation of protentional tops, Thanks to trading view adding log scale fibs future. Here what I see, TBH I was expecting C point somewhere around 0.886 level..
but here it goes
X is the last monthly low before Bull run break of double top Market structure
C point (at 0.650 little over 0.618 linear) - (just a shy of 0.786 on log)
From ATH to 3K lows
exact bounce is again comes to classic 0.618 sacred ratio,
Also XA retrace is very close to 0.886
Of course this pattern is far from confirmation breaking below B point at 3.1k
looking at quarterly (3 months) chart, M3 looks like tweezer tops as well.
We shall see how this play out in future.
All the best, good luck trading
t.me/cryptokingfish
but here it goes
X is the last monthly low before Bull run break of double top Market structure
C point (at 0.650 little over 0.618 linear) - (just a shy of 0.786 on log)
From ATH to 3K lows
exact bounce is again comes to classic 0.618 sacred ratio,
Also XA retrace is very close to 0.886
Of course this pattern is far from confirmation breaking below B point at 3.1k
looking at quarterly (3 months) chart, M3 looks like tweezer tops as well.
We shall see how this play out in future.
All the best, good luck trading
t.me/cryptokingfish
Free TA channel t.me/cryptokingfish
Tom DeMark & Fibonacci & Harmonics & Fisher Transform, Renko. Kagi, PA ,Chart Patterns trader
Tom DeMark & Fibonacci & Harmonics & Fisher Transform, Renko. Kagi, PA ,Chart Patterns trader