Since I don't see many posts on the pattern here, I'd thought I do some explaining about it for those not very familiar with it. What I wanted to explain here and caution about is that the pattern is part of the pattern even though the itself is a in this case. What we have here is a pattern. Which means that when the pattern completes, prices SHOULD reverse and head back DOWN. And the D point of the is expected at 1.5568 or just a few ticks below the TP1. Of course, prices can hit the TP1 and close below it to complete the D point of the as well. So I am not saying TP1 WON'T be hit.
Now, what also must be watched is what happens after prices have reached the D point. Will it start to retrace back down? Or will it continue up? Two characteristics of the pattern:
1. If it completes and prices reverse at the D point, it will be a true pattern and prices should head back down strongly and probably for not just for a short time. It may signal a new move down
2. IF prices hit the D point, maybe pause there for a bit and then resume moving upwards, this will become a "failed" in which case prices will continue moving up and probably for a long while
So keep an eye on the D point and watch the reaction. For those playing the pattern, I'd take at least 50% of the profits off the table and wait and see what prices do after that. If prices continue skyward, I'd look for BUY opportunities on short retracements because it should go for a while!
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