Today iv Identified a very precise Bearish crab pattern, this thing is one of beauty, its been a while since iv ID'ed a pattern where price has respected the fib ratios so precisely, so for the brake down of What your looking at. . .
Gold lines - fib ratios
Blue Dotted lines - Fib retracement tool drawn from X to A point and B to C point.
Blue reversal bar - ...
We see that the NZD/USD has completed a Bearish Crab Pattern on the hourly chart. '
RSI Divergence points towards potential reversal
Triple Top confirms upper resistance
Possible Short trade at .684 resistance level
Price rose steadily from 0.87250 but has dropped a little on the last 2 bars. Nonetheless, pattern is about to complete.
Wait for it and analyse it behavior on PRZ... after D is defined recalculate your numbers. I'll try to get it on its way down.
Numbers look like:
SL: 0.8975 ( wait for the PA retracement)
TP1: 0.87789 (.236AD 2.56 RR)
This are 2 potential setups on GBPUSD.
The first one is an imperfect bat which could turn anytime soon.
The reason it is imperfect is because the B point has slightly exceeded XA 0.50.
However, it did not touch 0.618 and it is still technically still a Bat.
I have my reservation on this as a B point between 382 to 618 could result in a Crab.
The next few days ...