Here on the EurGBP Weekly TF we have a unique that has completed.
Price action has shown all necessary reversals at the required ratios, and price in the PRZ has shown signs of confirmation of trend change.
Heres why this pattern is unique. . The at point D was EXTREMELEY HIGH!!!!!! See Green arrow indicating said . This spike combined with the terminal price bar that tested the PRZ is SOLID CONFLUENCE....!@!?@>!?@>!>!!!
We have the necessary confluence of all 5 point being an . This pattern is an extended . C point retracing 88.6% of AB, topside projection would normally be the 1.13%, but it has completed an extended pattern around the 1.618 expansion of BC . This is an extended 1.618 pattern as defined in the Trader : 1 by Scott Carney.
Price action has retraced and beginning of this week shown a gap. Expect price to fill the gap and continue to drop to the projected IPO1 and IPO2. The pound seems weak now, so Id wait for some confirmation prior to shorting. If you're aggressive short now (treating current price action as a retracement) and ride er on down.
Trade safe, trade smart.