This AB swing could end at the 50% or 61.8% fib levels where we would have a completion point of the 78.6% of a pattern. If the AB swing has a 78.6 move then we can expect price to continue with a upside bias where 127 extension will be area of completion. This move to the upside will hint at the possible sentiment for longer term price action and/or a possible correction to the downside depending on the pattern that forms.
If we see a , , Form we can expect a correction to the downside before a larger move to the upside.
If we see a or form we can expect more upside momentum in the coming weeks with a minimal downside correction.
My Trades for the next 4 Swings
Current Pattern In Play
Resistance Levels FIb Expansions
Another chance to grab a long position near the bottom at completion of a on the 15M/30M Charts. This completion point will signal a H1 Pattern beginning its CD leg of a . This leg should start the trade to the upside on the H4 and D1 where we have multiple CD legs simultaneously in play which normally provides the needed momentum for CD legs. This appears to be exactly what we need to reach my Weekly R1 target level.
Trade half way to target level R1. We have a clear view that the levels revealed by using FIB ABC objective tool (expansion levels) are always great when placing additional positions, targets and stop losses. Here price is reacting off of them exactly as expected. I am adding a position when price confirms the move is begining to the upside again. I have a buy limit order 173.750. forming on the 15m could push price down to the activate my order and create hidden on the H1 and the H4 to create the momentum for price to reach my target level of R1
Another cleaner view of the pattern in play--Get ready for a sell signal at the completion point. I am going to manage my second position and let price stop me out and when doing so will stop me in to the downside move. This appears that the upside move could go further than the current target level. Likely the R1 stops the bulls and gives plenty of time to asses the what to do before the move continues or decides to reverse.
Following our forecast nicely. This is likely one of the best trades Ive seen in a year. This is the CD leg of a pattern with many other patterns confriming this long move. 1000 pips to our target level of 184.712.
Second to last snapshot Target Level Nearly Complete