is forming a tight PRZ at which two potential harmonic patterns
are tightly confluent. This area is also confluent with point 5 in an ascending channel
and potential point 4 of a descending channel
. Also, an AB=CD
pattern, inherent to the completion of Gartley's, is confluent in this same area. On the higher TF, this move could mark the continuation down from the rebound at point E of the expanding triangle. Since there has already been a 50% retrace from point E, there is a potential to ride this move down to the completion of a bullish bat
pattern which is where I've placed the target.
Confluence in the PRZ:
Remember to assess your risk and be mindful of news events. The RBZ rate statement will be announced in under an hour!
- Bearish butterfly completion
- Bearish Gartley completion
- Ascending channel resistance
- Descending channel resistance
- Larger TF expanding triangle
- Larger TF potential bullish bat