is setting up for what could be an awesome bearish cypher
pattern. The best part about it is, the opportunity that might be presented for those traders that have smaller accounts and can't take the amount of risk that a normal cypher pattern
usually presents on a 4hr chart. This cypher
completes at 182.820 and there is a nice shelf of structure at both the 184.000 (thick purple line) & 185.000 handle (which is where the X leg begins). So for those traders that cannot take the amount of risk that putting a limit order at the .786 entails, you can wait and see if price action will go up to the kill zone I have lined out and then make a structure play. As you can see on the chart, its definitely not out of the realm of possibility that P/A could get up there. Then you can go down to the 1hr timeframe and look for a double top
divergence, or whatever your rules of engagement are for entering. Either way, this is one that I will definitely be watching, for it could be a very good opportunity.