After the complletion of the Bat Pattern last week, bears came crushing the bulls. However, the momentum of the selling pressure is decreasing shown by the colour differentiation in the candlesticks. This potential bullish trade does provide a lot in terms of technicals: 1. There is a hidden divergence in place which indicates a trend continuation. 2. A potential...
Price is consolidating on the Daily Charts creating a triangle formation. Dropping down to the 240 minutes chart, there is Bat Pattern and a Gartley Pattern completing at the same resistance zone. Also the dynamic resistance trend line from the triangle formation on the daily charts confluence with the completion of these potential bearish trades. #HappyTrading
LINK TO VIDEO RECORDING: www.youtube.com We discussed this in my Live Trading room this morning and I'm a little late getting it out to you because I wanted to pair a video with it. But what we're looking at is a Bullish bat pattern completion on the USDCAD 4hr Chart. At that completion level we also have minor structure, Fibonacci ratio confluence, and multiple...
Idea is based on a combination of Elliott Wave theory and Fibonacci Ratio's. The rationale behind this set-up is shown on the chart. Good Luck
If it breaks the neckline and confirms the head & shoulders top, you can expect another leg down to 8136 - 7700 (maybe even this year). If no breakdown occurs and 8902 holds, I expect a decent bounce to 9500+ Also, interesting ratios between the last 4 waves indicate good downside potential.