I believe I have found a desending "U" not sure if the pattern has yet complete, waiting for the price to continue down towards the last level of support. From there I will decide if the key levels of support and resistance fit my trading plan.
Chris drew up a nice bat as shown here, all I have added is targets for a small short that he could perform before looking upside to the Point of Control.
However this may invalidate and proceed past the .236 up towards 119 area, disregarding the pattern.
Note: This was based on one of his old patterns since deleted. He's got a new one uploaded.
I can see from the RSI, volume and structure, a possible correction before an upside move.
I would like to get in on this from Monday morning, although if it breaks to the upside I may have to wait it out.
I've decided to cut my losses in the event of a bounce and took profit for my first trade of the day, looking to get back in long in 12-24 hours time.
I thought that if there was a likelyhood of a bounce then I'm better taking my profit.
If a bounce doesn't happen it simply will invalidate my thinking and I will re-evaluated.
I call this, "The Mess" trying to work out structure.
Looking at daily trends to trade the hour.
As you can see here, I had no idea what I was doing.
But it's coincidental that the market has slipped in between where I reckoned it could bypass upside or downside.
This is a little sheet you can print that I put beside my desk.
It has the pattern name, where to measure it on the chart, and the rules.
If you need anything, or want the text bigger I'm sure I can make a new one.
Changes: Removed Twitter details because it violates house rules.