The Euro had a bit of a rally on Friday however the United states dollar showed sudden pressure on the Euro mid day during US session. This sideways action has formed a clear bearish diamond on the 4H / 240 time frame. Im expecting EUR/USD will test lower support levels next week. The favorable support is 1.1500, we shall see next week but keep an eye on this...
Price found the 76.4% level of the .65 to .764 channel (64.9 -28.6 retracement). Watching for the strength of the consolidation, particularly if price can hold the .65 in the event it returns for a back-test.
$ATOM completed the AB=CD pattern as I shared before.
now price needs a correction, so I think #ATOM is trading inside a diamond pattern which is a reversal and as you can see included 2 parallel channels.
price broke out from middle line of descending channel, but it seems that the middle line of ascending channel have strong resistance. although price...
BTC has a few scenarios, this is my 2nd chart for analysis.
1. Bull Flag
2. Broadening Wedge
3. Diamond Top
4. Head and Shoulders
5. ABC Corrective Elliot Wave
I think BTC is going for the higher low at $49,500 then into the corrective wave down to $38,000. I am bearish short/medium term, bullish long term.
This is NFA and for educational purposes only....
This is the reference chart for the 3D charts provided previously. The reaction to the midline pops out as the larger Daily Diamond has come into focus. Diamonds are volatility machines, designed for fake-outs and dramatic reversals. Conventional wisdom suggests waiting for a clear break and backtest of the Dart boundaries for a play. Time to take some time...
BTC Diamond Top is in play, a bull flag is being formed which would take the price to $51,000-52,000.
We would then look for BTC to make a break down to complete the Diamond Top pattern, target is $35,000-38,000.
I will keep you updated with how it plays out.
So I posted an idea about BYND that involves this diamond pattern that I discovered. I checked in on SHOP and it too appears to have that diamond pattern. If this diamond pattern plays out, SHOP can drop down to $1300-$1250. I was skeptical, but then I hear news about increasing competition in the news. I'm interested in what you see.
I originally thought this was trading in a symmetrical triangle (month view). I discovered diamond patterns. It's making me go hmmmm... What do you think about this idea?
Diamond Patterns signal a reversal:
SPX found support at the 2 hour LBB while NAS has lost the MBB. The Lower High off Nas' UBB resistance after the ATH prompted a short frame consolidation. Price has found the middle of the Diamond Range as we approach NFP eve.
I've successfully traded two smaller diamond formations in the past two weeks, one at the bottom of a local downtrend that broke to the upside and one at the top of a local uptrend that broke to the downside. These have been reliable on shorter time frames. Now it appears we've formed a much larger diamond top here after our weeks-long uptrend. My bias is for this...
BTC has found the fifty of the 2nd Diamond Pattern as price has lost the 2 hour MBB. Support was found at the lower Diamond Bound convergent with the 2 hour LBB. BTC needs to overthrow 48725 to break the LL-LH-LL-LH pattern