Possible Bearish Shark Pattern is forming. C is very close to the 1.272 XA extension. There is a 1.618 BC confluence with the 0.886 retracement @ 1.43556.
The completion of this pattern is also in agreement with structure (red dashed line). Furthermore, the RSI compared to price action is showing a bullish divergence signal such that we will see prices going up towards the PRZ (highligted as a purple box at D point).
Possible targets are shown as red arrows. The first target is the 0.382 retracement that matches minor resistance at B point. The next two targets are based on support/resistance levels. The last, but aggressive target, is further down at the 0.886 retracement and matches the low made back in Jan. 16th.
Trade wisely, Trade responsibly.
The completion of this pattern is also in agreement with structure (red dashed line). Furthermore, the RSI compared to price action is showing a bullish divergence signal such that we will see prices going up towards the PRZ (highligted as a purple box at D point).
Possible targets are shown as red arrows. The first target is the 0.382 retracement that matches minor resistance at B point. The next two targets are based on support/resistance levels. The last, but aggressive target, is further down at the 0.886 retracement and matches the low made back in Jan. 16th.
Trade wisely, Trade responsibly.