This is a price pattern that I like to call the FAMOUS setup.
It allows me to forecast the market at 10 pm UK time before going to bed.
I see this pattern 10-12 hrs in advance. And so the prediction is that provided that it stays within this boxed range, as shown on the chart...
It will break out into wave 5 on the M15 chart.
I should go and hit Target Zone 1, i.e the Fib Expansion 62%.
What will invalidate the signal? If price did not stay within sideways box region, I..e if it goes up into wave 5 without going sideways first or if it retraces more than 50%.
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The blue line on the chart was taken from the D1 Box High. It was a potential resistance level It appears that it's hit it and stalling around it.