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!
this seems to be more accurate at the moment...
bullish entry down near .2700ish