Retracements within the CD legs of three ABCD patterns
that are uncompleted, starting from the bottom July 2012
w the large ABCD. Looking for fib confluence within these
unfinished waves, gives extra clues about market intentions.
Price found support by the Monthly S1, which indicates uptrend
is intact. This was also, almost the 5/8 target of the smallest
AB=CD pattern that was completed march 13. This was also
a fib confluence zone (marked red) . Price now stands close
to the next fib confluence zone, around 1,3830 w the Monthly
PP at 1,3820, which is not traded yet this month. Now if price
breaks through this next red zone, the next strong hold of
resistance is around 1,3940 with with Pivot confluence and
the previous top. Above that lays the completion of ABCD
at 1,4060 level. IF price drops righ back and takes out the
low and the fib confluence support, next levels are 1,3640
and 1,3580. Still at this point it looks like price has carved
out a significant low around 1,3675 and pattern completions
of the CD legs still uncompleted may be in progress. Additional
confirmation of uppward bias will be a bullish cross of MACD.
that are uncompleted, starting from the bottom July 2012
w the large ABCD. Looking for fib confluence within these
unfinished waves, gives extra clues about market intentions.
Price found support by the Monthly S1, which indicates uptrend
is intact. This was also, almost the 5/8 target of the smallest
AB=CD pattern that was completed march 13. This was also
a fib confluence zone (marked red) . Price now stands close
to the next fib confluence zone, around 1,3830 w the Monthly
PP at 1,3820, which is not traded yet this month. Now if price
breaks through this next red zone, the next strong hold of
resistance is around 1,3940 with with Pivot confluence and
the previous top. Above that lays the completion of ABCD
at 1,4060 level. IF price drops righ back and takes out the
low and the fib confluence support, next levels are 1,3640
and 1,3580. Still at this point it looks like price has carved
out a significant low around 1,3675 and pattern completions
of the CD legs still uncompleted may be in progress. Additional
confirmation of uppward bias will be a bullish cross of MACD.