Hello,
My analysis is as following:
I am expecting to see a bearish harmonic formation. Looking at the left wing, from x to a, we can see how the fibonacci levels play as support/resistance.
The price followed this "path": it went to 0.618 -> 0.786 -> 0.382 (almost reaching 0.236) -> 0.618 -> 0.382 -> 0.5 -> etc.
On the right wing from C to D (where I would expect it to be, in the yellow area) it almost follows the same pattern: it went to 0.618 -> 0.786 -> 0.382 (almost reaching 0.236) -> 0.618 and now we expect to bounce to 0.382
I am going with longs on low timeframes until the price reaches the yellow zone, and only then I will be thinking to short it.
Have a nice day! :D
My analysis is as following:
I am expecting to see a bearish harmonic formation. Looking at the left wing, from x to a, we can see how the fibonacci levels play as support/resistance.
The price followed this "path": it went to 0.618 -> 0.786 -> 0.382 (almost reaching 0.236) -> 0.618 -> 0.382 -> 0.5 -> etc.
On the right wing from C to D (where I would expect it to be, in the yellow area) it almost follows the same pattern: it went to 0.618 -> 0.786 -> 0.382 (almost reaching 0.236) -> 0.618 and now we expect to bounce to 0.382
I am going with longs on low timeframes until the price reaches the yellow zone, and only then I will be thinking to short it.
Have a nice day! :D