Well this pattern has a iil bit of a conflict involved with structure, I'm a pattern trader but I choose my patterns based on structured directional bias, the pink pointed line shows a lower low - lower close from a higher timeframe validating the continuation of the downtrend, I took advantage of the first cypher pattern
in blue, the momentum in that particular moment was very bearish
, and structure was telling me to sell, now I'm not so sure about the yellow cypher
becouse its clearly that a big pullback is happening,
due to my rules of engagement I MOST take the yellow cypher
, so my pending orders are in place, but I woudln't be surprise if the price desides to go meet the red zone ( previus support turned resistance and testing the 200 SMA
or even go straight north forming a bigger pattern.
So my advice in this type of situation, JUST WAIT AND PRAY :) Consistance is key. follow your rules no matter what. and you'll be fine.