Something that we can notice here, it's the big probability of a possible reversal to the downtrend, cuz here we can see a lot of correlation points that may push the price to the downside soon;
There we have a downtrend line that has to be tested I believe this week and that TL it's crossing the PRZ of the Cypher pattern and the AB=CD, and all of these points together are inside the Resistance Zone.
That gives us a clue of what is going to happen here, we just have to follow all the rules as we always have been following.
That being said let's go to the basic rules:
Rules:
1. Harmonic Patterns Completion - Waiting;
2. PRZ Hit - Waiting;
3. PRZ Test -Waiting;
4. Terminal Bar - Waiting;
5. Type-1 Reaction - Waiting;
6. Type-2 Reversal - Waiting;
7. Candlestick Reversal Sign - Waiting;
8. Candlestick Confirmation Sign -Waiting;
9. RSI Reversal Sign - Waiting;
10. RSI Confirmation Sign -Waiting;
11. Risk Management - Applied;
12. Risk / Reward - 1/3.
" Who is wise and understanding among you?
let him show by his good life his works in meekness of wisdom."
James 3:13
There we have a downtrend line that has to be tested I believe this week and that TL it's crossing the PRZ of the Cypher pattern and the AB=CD, and all of these points together are inside the Resistance Zone.
That gives us a clue of what is going to happen here, we just have to follow all the rules as we always have been following.
That being said let's go to the basic rules:
Rules:
1. Harmonic Patterns Completion - Waiting;
2. PRZ Hit - Waiting;
3. PRZ Test -Waiting;
4. Terminal Bar - Waiting;
5. Type-1 Reaction - Waiting;
6. Type-2 Reversal - Waiting;
7. Candlestick Reversal Sign - Waiting;
8. Candlestick Confirmation Sign -Waiting;
9. RSI Reversal Sign - Waiting;
10. RSI Confirmation Sign -Waiting;
11. Risk Management - Applied;
12. Risk / Reward - 1/3.
" Who is wise and understanding among you?
let him show by his good life his works in meekness of wisdom."
James 3:13