This is just an update on my last ETHUSD idea. It is still active even though the descending trend line and the RSI trendline is broken on the 4h chart:
- The Triangular Pattern: Point 4. is completed.
- The Head and Shoulder Pattern (SHS) is still active.
A bigger fraction of the left shoulder has been used instead.
- The Volume within the SHS Pattern is descending.
- The Reversed Cypher Pattern: Point A. is completed.
The Forecast: I think it could break thrue the Triangular pattern and the SHS Pattern, where testing along this path are drawed with crosses. If we go this far a testing against the Neckline will probably appear and the 0,382 fib level (on AX) could be a suitable resistant level.
Good luck!
- The Triangular Pattern: Point 4. is completed.
- The Head and Shoulder Pattern (SHS) is still active.
A bigger fraction of the left shoulder has been used instead.
- The Volume within the SHS Pattern is descending.
- The Reversed Cypher Pattern: Point A. is completed.
The Forecast: I think it could break thrue the Triangular pattern and the SHS Pattern, where testing along this path are drawed with crosses. If we go this far a testing against the Neckline will probably appear and the 0,382 fib level (on AX) could be a suitable resistant level.
Good luck!
Comment:
**SHS = Shoulder-Head-Shoulder
Comment:
Just about to hit the first testing point (5. Zigzag point) and a safe buy out is an option. Personally I will stay short a little longer and move the stop loss level further down (at least to a break even point).
Trade active:
Bullseye! The second testing point got a perfect hit! According to my forecast it will go a bit further before hitting the support level (x point on the reversed cypher pattern).
Trade closed: target reached:
I think it will roll over now ;P
