Measurements: I have removed the to keep the chart clean and simple. First off measuring from X to A this has given me my B point at 0.618. To get our C point I have gone from A to B which has given me a spot on , the wicks are over extended in this area. Then a measure of the D point going from B to C which puts it in the area of 1.13-1.618 for the completion of the D leg. The final measurement going from X to A once again to measure the connection between X and D which is 0.786. All of this is screaming a to me!
PRZ (Potential Reversal Zone): At the completion of the D leg I can see price stalling out just below 81.000 before making a move to the downside.
Take Profit: My first take profit zone will be around the 79.000 area to meet the level of the B point, second take profit will be at our C point between 75.000 and 74.000.
This ties in nicely with the weekly chart shown below, as you can see price has continuously hit our C point around 75.000 and 74.000 (my projected take profit) in an effort to break below this crucial level of support.
Join my Telegram Channel: https://t.me/SixFigureCapital