A Rectangle is a neutral pattern until a trendline is broken.
This is a wide rectangle and some would trade inside of it.
There is a Bearish Crab inside the rectangle and D, or the end of this last leg is above the Rectangle.
The Crab is an extension pattern (D is above X in a Bearish Crab and D is below X in the Bullish Crab) as well as a reversal pattern.
Price hit the 1.618 of this W pattern and turn back down.
T1 of a crooked W is often the hump in the W or the top of the AB Leg.
Some would even use level X but price has already passed level X.
No recommendation.
I am marking this as "Short" due to the bearish crab pattern. The Rectangle is neutral and not short unless the support trendline is broken.
There are 2 sets of targets in orange as there are 2 patterns.
Rectangle targets are below the rectangle.
The Crab targets are inside the rectangle.
This is a wide rectangle and some would trade inside of it.
There is a Bearish Crab inside the rectangle and D, or the end of this last leg is above the Rectangle.
The Crab is an extension pattern (D is above X in a Bearish Crab and D is below X in the Bullish Crab) as well as a reversal pattern.
Price hit the 1.618 of this W pattern and turn back down.
T1 of a crooked W is often the hump in the W or the top of the AB Leg.
Some would even use level X but price has already passed level X.
No recommendation.
I am marking this as "Short" due to the bearish crab pattern. The Rectangle is neutral and not short unless the support trendline is broken.
There are 2 sets of targets in orange as there are 2 patterns.
Rectangle targets are below the rectangle.
The Crab targets are inside the rectangle.
Comment:
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