The measurements for a valid pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
The B point forming at a solid 1.272 adds to the structure of this pattern.
At this current moment in time we are yet to complete the C leg at the minimum 1.618, I have highlighted the two most favourable outcomes if this pattern takes shape.
1. Price will reverse at 7750, therefore, forming a valid C point at the minimum 1.618 before completing the pattern at 5000 and providing an opportunity to go long.
2. Price will reverse at 9900, therefore, forming a valid C point at the maximum 2.24 before completing the pattern at 6075 and providing an opportunity to go long.
I will not be buying until the pattern completes! Once we have a C point locked-in I will update the idea :)
I hope you all have a great weekend when it comes.
Stop loss is set at a 26% loss, take profit set at a 56% gain.
Very obvious but I have to state this, make sure you divide your capital wisely, diversify and do not use all of your trading capital on one trade!
Join my Telegram Channel: https://t.me/SixFigureCapital
this seems to be more accurate at the moment...
bullish entry down near .2700ish