Price formed a falling wedge reversal pattern H4 and broke its resistance at the support of a D1 pennant. A Fibonacci pulled from the recent H1 bullish impulse creates a 38.2% retracement. The projection area lines up perfectly with the D1 pennant resistance for a high risk:reward buy.
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We have a nice bearish AB=CD forming on the GBP/AUD pair, Intermediate Timeframe is 4H, Major is Daily and Minor is 1H.
I expect this pattern to complete today or tomorrow.
This AB=CD has an AB measurement of 0.393 which means the reciprocal ratio will be 2.618. This is the CD price leg.
Once price confirms 2.618 ratio I will be looking to enter the trade...
Eth chart inverse has some similarities with the Peak of early 2018 and subsequent crash.
However as @kazonomics points out, looking the same is not enough: human emotions are what drives the charts.
Are ETH holders as salty now as they were euphoric in January 2017?
Bear Fibonnacci with Tp at 1.27 reciprocal i wont be surprised if it broke down into the second tp which i did mark with a blue line, we can see that we are still in a bullish up trend however we did break our previous low which will put us in a short term bearish trend, i will except gold to fall im waiting for a reversal bear candle, i will finish this analysis...
short to 0.80 then long again
wave II retraced 0.618 of wave 1 --> reciprocal of 0.618 is 1.618 (around which we saw the completion of wave III)
wave IV retraced 0.382 of wave 3 --> reciprocal of 0.382 is 2.618 (around which we saw the completion of wave V)
wave V has an obvious 5-wave sequence which comply with Elliot wave rules - the wave 2 of wave 5 is a...
Reading the chart
After a failed push (B) of only 113% extension of O to X, price almost immediately reversed to the other direction, breaking the secondary bearish trendline. Now the 88.6% retracement of O to B could not bring any relief from the bullish pressure.
The second level to watch for is the 113% extension of B to O, which could lead to a...