Price made a deeper correction ending Aug 22 w a bullish
engulfing. Since price has taken out the Aug 21 top, the
swing low has become a C point and price is looking higher.
Price now stands at Weekly PP, and if it gives support,
it could be a good entry point, playing this smaller ABCD
that is harmonic within a larger ABCD (long white diagonals
in chart). Also, a new Pitchfork seems to be established,
based on the Aug6 and 15 swing, and median line confirmed
by the smaller ABCD, B point touching the median line.
A harmonic destination for the smaller ABCD would be an
exctended D point (127), since it is in confluence with the
larger ABCD's 61,8 extension at 1,1085. A long entry
from current level (Daily PP) gives a 2:1 RR ratio for a
long entry with SL below C point.
engulfing. Since price has taken out the Aug 21 top, the
swing low has become a C point and price is looking higher.
Price now stands at Weekly PP, and if it gives support,
it could be a good entry point, playing this smaller ABCD
that is harmonic within a larger ABCD (long white diagonals
in chart). Also, a new Pitchfork seems to be established,
based on the Aug6 and 15 swing, and median line confirmed
by the smaller ABCD, B point touching the median line.
A harmonic destination for the smaller ABCD would be an
exctended D point (127), since it is in confluence with the
larger ABCD's 61,8 extension at 1,1085. A long entry
from current level (Daily PP) gives a 2:1 RR ratio for a
long entry with SL below C point.