Here are my Thoughts for the coming weeks. Lots of good Fibonacci confluence, to many levels lining up to be ignored imo. So to start we have some basic patterns forming Bullish Flag, we have had out impulse leg up and come back to the 382 retracement which lines up with previous structure resistance which could turn support. The flag could do a, a,b,c,d...
Looking pretty harmonic here!!!! $42.70 looks like good support on the 4h chart. Might look for a bounce off of the.618 retracement or a move down to point d with a potential reversal zone of $41 to $41.75
Looking at a long entry once I get a candle over candle confirmation off of the .618 retracement of the 26 July thru 2 Aug Elliott 5 wave swing high and low. Initial take profit at the 1.272 extension @1.13011 Stoploss set just below the .618 retracement support level.
Update on NZDUSD: Coming right into previous resistance which is typically a good way to look for a shorting opportunity. In this case the market gives us a bearish bat pattern at the 88,6 %Retracement from X-A. Moreover the Completion point D lines up perfectly with the 61,8 % Retracment from Swing High to Swing Low. Targets and Stops as shown on the chart. ...
Potential Butterfly pattern in confluence with strong fib ratios, which also can make a potential head&shoulder pattern. If we spike down, we will enter a big demand zone of the daily around 1.09. This gives us opportunities for a nice long entry again. Short term short. Long term might be long.
Some setups on my radar, inclusive a alternative option. Super Mario might push it up today or not... I see that for reason TV replace my B leg of the big bat to a weird position, but the landing of the D leg is still valid.
Above chart screwed up by update, fixed version: ______________________________ A way to predict not just time and price of the next bottom but also the target of the bounce to follow, you've asked for? Well there you have it! I have been trading this phenomenon for a few months on smaller timeframes already and it turned out my orders in January weren't that...