The local 0.618 fib level made it bounce.
The lower line of the uptrend channel was strong enough.
The upper line on earlier ascending triangle works as support.
The Gann Setup isn't the best, but I'll give it a try. Zoom out if you wonder this looks like. In other words, the blue arcs should hold.
Wave 4 next up?
It is currently in a down trend...
The patterns seems familiar.
Will the orange pattern repeat this time too?
Look how the Gann arc made it bounce (The Yellow arc). The same bounce happend last time aswell.
The Stoch also describes the same (ABC formation and the blue spike might be completed).
Still not broken through the neck line. I think it needs to build more momentum first.
Local trend channel is completed (Wave v is completed), but it is still below the upper line.
Bullish Gartley pattern is almost completed.
RSI channel confirms the global descending trend.
Gann arc iv works as support.
Local Gann arc iii is still active.
Triangle pattern might still be active (I've added a new bottom line in this case)
The descending neckline from earlier H&S pattern might work as a support line in current position.
Additional, we also have the old bottom line from part 1 and 2 that also might work as a support line.
Local wave A and B might be completed...
Bearish Gartley Pattern completed.
Cypher Pattern is almost completed (Leg D is the next one up).
Triangle Pattern is 50% completed. Look how the local ABC waves are placed perfectly along the 12345 legs.
It might do a correction (Local leg AB) before going further down and completing the Cypher Pattern.
Currently status: Hold.
Long Term: It is still above the...
After almost hitting the inner arc it might face downwards again. Might be some drawing error on the arcs but it looks quite accurate in this position. The stop loss is placed above the outer arc, and a short entry could possible be done later on. Local ascending patterns (for instance Triangle pattern) might be the trigger. Also look how close it is the globale...
A bit late, but I think there is a chance for even more gains on this one.
Descending Wedge Completed
Descending EW Completed
Gann global and local crossed out the same spot, confirming a possible next step.
It is now moving into the next "Gann Area" and should remain here while the trade is active.
Obs! It might do a ABC until it hit the TP.
Take a look on...