REVISITING THE EURUSD : THE REPEATING ASCENDING SCALLOP PATTERN
The present ASCENDING SCALLOP pattern on the monthly EURUSD chart is lookin' more and more like the ASCENDING SCALLOP pattern of the early 2000's each compete with a TRIPLE BOTTOM.
In fact, even the TRIPLE BOTTOMS in both patterns are very similar. As in the early 2000's, I see 3 descending peaks (3 black arrows) until the 4th peak (blue arrow) breaches the highest of the previous 3 peaks. In our recent pattern, the 4th peak breached the 1.1714 level which was the highest of the previous 3 peaks.
After the ensuing pullback in the previous pattern there is a spike to a level beyond the left rim of the shell of the scallop. We are now in the pullback stage prior to the spike beyond the rim of the scallop's shell.
In fact, even the TRIPLE BOTTOMS in both patterns are very similar. As in the early 2000's, I see 3 descending peaks (3 black arrows) until the 4th peak (blue arrow) breaches the highest of the previous 3 peaks. In our recent pattern, the 4th peak breached the 1.1714 level which was the highest of the previous 3 peaks.
After the ensuing pullback in the previous pattern there is a spike to a level beyond the left rim of the shell of the scallop. We are now in the pullback stage prior to the spike beyond the rim of the scallop's shell.