We can see a harmonic pattern formed beautifully and bounced of the main trend line of the "Andrews pitchfork" indicator, on on the 4hr chart. If you notice there is also divergence on the stoch indicator. Cross hairs have began to form. Dark cloud is about to form on the ichimuku indicator.
Price is currently at 50% Fibonacci level (weekly time frame). This will be our entry level. Few pips above the trend line will be out Stop Loss. Price should head down to 50% Fibonacci (4 hour time frame). Really great set up! Safe trading!
Price broke the yellow trend line. Price tested the trend line and failed to breakout. A Bullish pin bar can be seen on the 4hr time frame where the price attempted to break the yellow trend line. If the price is able to break the green trend line we could the price go further towards the upside. Just an idea! Safe trading everyone!
Price hit the 61.8 fib level and price was rejected. Price is now falling and should hit the middle trend line that's in between the range. Price should test the yellow trend line to complete the Harmonic pattern. After this is complete we should see some bullish action before continuing to fall. Just an idea! Safe trading everyone! Just an idea!