There is a possible Bat formation, the harmonic pattern may be clear at 5M Chart, however, and right now I am just waiting the price to get to area 1.6148 which is the 0.88% Fibonacci level of XA.
Once we get to this point and check the price action, we might have a really good opportunity to get some pips.
We are in a good way, the pattern has reached Fibonacci Level 0.382 and not is on the way to reach level 1.272 to complete either a Crab or Butterfly Harmonic pattern. let's keep an eye on it!
After the beautifull Crab Pattern, we are witnessing now what it might be a second pattern.
- A point of the previous pattern as our highest point.
- D point of the previous pattern as our lowest point.
We will need the price gets to at least 1.65341 to validate point C to have either a Bat or Crab pattern.
In 1HR Chart the stochastic its located at...
We still need to wait if the price is going to bounce at the 1.272 Fibonacci Level or if its going for the 1.618 level, but I think at this point we can say the pattern is 95% confirmed
ABCD Harmonic Pattern confirmed!
Considering Fibonacci from points A to B, the price correction from points B to C got to the Fibonacci Level 0.78.
As far as I know, this will make a lot of people to disregard this chart pattern, however, after making an investigation there are also a lot of people saying as long as the price doesn't close...
The pattern is not confirmed yet, however, I've decided to take a long entry on the price way up to point D, by this moment everything seems to be fine.
> Here are some important points:
- Market Main Trend: Downtrend
- Market Current Condition: 4Hrs Chart is making a correction.
- RSI and Stochastic Oscillator: 4 Hrs Chart are pointing up.
Considering the SHS patter present in the Daily Chart, and taking advantage of this small correction, I think this is a good point for a short entry looking for a good amount of pips, what do you guys think?