We are near the completion of an ABCD pattern . Following the harmonic rules, a C point retracement leaves up with a 200%BC projection.
I think we could see some downside, which is confirmed by a hidden price divergence (not on the chart).
Please take notice, that there were very strong sell offs and we are still in the bears zone.
ok, ty. i guess what confused me was the use of the term 'hidden' as, well, it isn't so hidden since i can also see it with my oscillator and probably so can 1,000s of other traders. that being said, even though i use technical indicators, i find them to not mean much at times, especially they have no predictive power whatsoever... so because we have a bullish divergence doesn't mean the market will go up. for ex, there was no bearish divergence this morning in asia on H1 and yet, the market sold off 130+ pips. however, on M15 you could see a bearish divergence. so... which chart or TF to believe? H1 or M15? you see my point. there needs to be something more to the analysis, something i am still working on, trying to perfect it but it's bloody hard, isn't it?