Bullish Crab has check-back and shows a nice setup for a buying opportunity that I've waited for months. On the daily chart there is a bullish bat pattern that has also checked-back.
Let's see how this trade pans out.
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A check back on this bullish bat pattern with a bullish engulfing candle has given a great signal for a buying opportunity, what's left is a buying opportunity on the lower timeframe to execute the trade.
This is not a trade set up for right now, but if OLN starts to fail, we could see it fall out of its current symmetric triangle for a false breakout downward which would complete a bullish bat harmonic pattern for another bounce up.
107.87 is the level on the daily chart that gives me a heads up if the market is on a bullish run or a bearish run. Even with that, it doesn't mean that I can't perform a counter-trend trade setup and here we are a bullish bat pattern, we have that on the 4-hourly chart as well, and if form deeper than this. The importance of this is to wait for the candle...
Having Point C touches Point A, it is also represented as a retest of resistance, when that happens you have to be careful to engage a countertrend trade.
I will need to see a 3-bar reversal pattern, then I'll place my Buy Limit in this trade.