Hi Traders, thought to get this one up while the markets are sleeping. Here we see a fair amount of impulse legs we can take advantage of for pattern traders.
In this analysis you can see 6 light blue impulse legs, 1 pink major impulse based on Higher Time Frame
We also have some Fibonacci confluence - 78.6% for Cypher Entry depending on which Impulse leg you choose either would be valid entry. in these zones we have a 50.0% and 61.8% confluence from our higher impulse legs to the lowest which would be our C Leg
We also have some previous support which was broken and became resistance when retested - marked level in Green rectangle zone with outer red line indicating it was previously support. This is our 4H SR zone. Also Higher Time frame this area shows as a very respected zone looking at the Daily Chart
There is also a 141.4% CB Inversion
As always entry level, initial targets and stop on screen - keep in mind these would alter depending on which structure or X leg you choose in your analysis or your rules for stops.
Also targets would be dependent on when we get a D completion, targets should be adjusted when we have a clear D Completion.
From analysis we still have room to go down to 1.74274 area and possible fall for a retest of 1.73000 - our previous break and close below at the 1.73000 usually indicates a continuation in that direction.
Pattern will be invalid if we fall and close below C Leg of our 141.4% Fib Ext of our XA move - or if we violate the X Legs
As always follow your rules and happy trading.
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Update - We now have all criteria for BAT Pattern this zone will be a key zone for reversal if price action continues up.
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Patterns now invalid with our break and close below. Based on price action it was a big ask for price to get to this entry level. For those who missed shorting opportunities will surely keep a look at what next week presents. Based on the Daily I believe we will violate the 1.73000 as previously mentioned.
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Hi Traders, I forgot to update this BAT was invalid as we broke the C Leg. Cypher still valid because price never closed beyond the 1.414 Ext - TP1 TP2 to be adjusted now we seem to have a clear D completion.