Look for the King's Crown Reversal and the conclusion of the ABC correction pattern coming out of the Rising Wedge/Bearish Flag pattern that has formed. This is a text book set up. This playbook should be valid for the remainder of the week and all of next week. Happy Trading!
Let's be clear before I begin with this analysis...This post is not to appear as though I know more than anyone else. I'm using tradingview for it's publishing features so that I can record MY OWN thoughts and analyses. If it plays out and someone in the community sees the same...great! If not, that's fine too. However, I do not intend to have a pissing contest...
This pair is about to make a strong move to the downside. Not only is it within a harmonic pattern on the 1 hour and seeking to cross the first take profit of that pattern but is the retracement of a much larger pattern as well. If price were a plane, the G-Force of the fall would tear the teeth outcha mouf! Enjoy!
Diagonal white lines are trend lines drawn with market geometry (different from geometry in school).
Horizontal white line is a support line also market geometry.
The vertical rainbow colors with numbers alongside it are called Fibonacci ratios (a numerical ratio pattern credited to an Italian mathematician born in 1170 whose name was actually Leonardo Bigollo....
