I'm back with another 5-0 pattern but this time on the 4h timeframe with EUR/AUD.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
Price is currently forming the C leg which will complete in between 1.618 and 2.24, it will more than likely complete at 1.618 as this is a key level of support.
It appears a valid head and shoulders pattern has formed and price is currently sitting on the neckline.
This is an early prediction but I love to pick out market turning points :)
I've got more analysis on the way, stay tuned!
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
Price is currently forming the C leg which will complete in between 1.618 and 2.24, it will more than likely complete at 1.618 as this is a key level of support.
It appears a valid head and shoulders pattern has formed and price is currently sitting on the neckline.
This is an early prediction but I love to pick out market turning points :)
I've got more analysis on the way, stay tuned!
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