Market has been trading in upward channel, from May 2013 to May 2014
Double Top Pattern formed around 1.3945 has resulted in breaking of the uptrend line
The Double Top Pattern has evolved to form a Head and Shoulder Pattern (H&S), indicating a major reversal in the bullish uptrend. The Head and Shoulder Pattern is confirmed when prices broke below the neckline...
If you don't already know these basic candle patterns it's worth learning them. I have been thinking about doing a short training series on these and potentially doing some simple indicators to identify theses setups.
If you'd be interested in learning about these setups hit the "Like" button.
In order for this pattern to be a valid sell the three green candles...
This seems like the most likely reversal point and has 5 good reasons: Notice the convergence of 1) upward trend channel lines, 2) downward trend lines 3) support/resistance 4) a round price point, $123.00 5) Major recent hi/low fib support.
Very nice confluence with the 1.27 ext measured from C to B leg lining up with 0.786 retracement of X to A. We have good structure resistance dating back to early May '13. Let's see if this pattern can reverse price.
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Oil is tanking, but there's still a possibility that USOIL can complete the deep bearish crab pattern as long as price action doesn't violate the C leg.
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PH: +1...
Although there is naked structure of resistance and no confluence, I would like to see some bearish divergence on the RSI to confirm this pattern reversal. Nasdaq have been bullish quite sometime and it is indeed due for pullback to catch a breathe.. This pattern could very well confirm that. Looking to take a target no more than previous resistance now turn...
Euro making a comeback on the rally. Price action put in a .786 retracement on the B leg of the X to A measurement which validates a potential Butterfly pattern. If price rejects $1.371 at the 1.27 ext.. We may see a reversal.
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There's no previous structure anywhere to be found in price.. Divergence would better confirmation for this reversal.
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PH: +1...
US indexes were up in early trading after New Home Sales data came out much better than expected. Consumer Confidence Index beats expectations as well. But later markets reversed, engulfed those gains and closed near lows. Lets see clues and points of adjustments (15 min timeframe analysis). After price reached resistance zone $195.50-.60 reversal candle appeared...
A Gartley and a Cypher pattern is pointing to the same exact destination for a sell reversal. We have previous structure at $31.31 & $29.38 coupled with confluence with two 1.27 extension ratios. $29.95. and $28.96 at the .786 retracment will be our kill zone.
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Two trades could play out here. The shark pattern (blue) being the most probable because of the strong previous structure of support now turned resistance between price $1.0178 at 1.13 fib extension and $1.1854 at .886 retracement. The kill zone would be between those two price levels. Price also recently formed a bat pattern (purple). We might see a pull back...
A bearish crab (blue) has formed.. A double top at the 1.618 ext may confirm this trade. If not.. there's another bearish harmonic pattern on the daily chart. The bat pattern (yellow). Let's see if the crab pattern will override the Bat and take price down
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Powershares is showing signs of potential bearish crab pattern. The PRZ is measured from A to X leg at the 1.618 extension level at price $96.23. Even though there is naked structure around $96.28 kill zone, There is confluence at $96.28 at the 3.618 & 1.618 extension level. This should act as resistance. If this plays out, we should see a good rejection which...
After getting crushed down to below IPO levels, FEYE seems to have found momentum and is coming close to reaching resistance levels of $40-42. I expect FEYE to reach $50 in the near future
With today's announcement of DigitalBTC's listing on Australia Stock Exchange, the price is heading north once again. We've finally broken through the falling wedge since 12th June. (RSI, VI, MCAD, Elliot Wave 4, indicators are seemly positive and oversold)
www.coindesk.com
For short term, we should see price heading closer towards $600 once again. One thing for...
Bullish Bat pattern (orange) has formed and i'm looking for a bounce at the .886 retracement from X to A leg. Price is currently at good structure and historical support as well there is a confluence between the .886 retracement and 2.24 extension which gives highly confirmation of this pattern playing out. This is only a countertrend trade. EURAUD have been...
There's a potential gartley showing up. If C leg can make it up to $92.68-$92.74 we may see reversal in price upon the completion for an intra-day trade. For longer term, price action may trade down to 91.08 to complete a Bat pattern. There's strong structure around $91.42-$91.13. The Bat pattern would make for a perfect retracement back to the trend line, if you...
