A Bear BAT is completing with potential to lead into a Bull CYPHER. We also have a 1.618 extension which will finish a measured move. All bumping into a higher time frame trend line which may create resistance.
At lower channel trend line with oversold conditions.
Looks like we have a potential 3 Drives pattern or another potential Cypher forming on OIL. I'm betting on the 3 Drive completion at the 1.618 given the bullish Gap we just had.
GU is in a longer term cascading down trend.. The last two waves broke to the downside after an ABC correction. A potential AB=CD move or Bear Cypher point to one more move up before the final correction and breakout to the downside. Conversely a BAT is hinting that the breakout will occur sooner...retest then move lower. I favour the Cypher given the...
Does this seem nomal....be careful.
Measured move / Cypher pointing to that outcome.
If DXY completes it's Reverse Cup & Handle it makes sense that Silver would complete its Cup & Handle and breakout to test 18 again.
This looks like a reverse cup and handle TOP. Check GOLD & SILVER for cup and handle bottoms forming on the 60M charts. SHORT DOLLAR ....LONG GOLD & SILVER?
Anyone see a pattern forming here? I'll be watching for a break lower to the 1.272 extension if resistance holds at 1.28 and we see a break of the lower channel.
Targets reached on ORANGE Pattern. May use PURPLE Cypher on way to larger GREEN potential Gartley.
I'm short with the BLUE Gartley...hope to soon be LONG the ORANGE Garley then maybe even SHORT again on the GREEN one after that.
A DT is forming just below Cypher completion zone. May be worth a try because of good R/R. Way to avoid using x point to place stop which would force a much larger stop.
Potential buy set up on Gold at the completion of the D leg of this Daily Gartley. I will consider a BUY if I see a nice double bottom in the green zone on the 1H chart. If I enter this trade I will take profits at the .382 and be out of the trade if the price drops below 1170. I am a fairly new trader just throwing ideas out to help with my learning...
Lets see if this plays out. If it does it will be a beautiful example of how nicely harmonic patters work. Ties in a nice 3 drives pattern as well.
Don't trade these currently. Just waiting to see how this plays out. Nice educational exercise to see if my thinking is correct.
I will be watching the kill zone at the completion of this Cypher. I will wait for a deeper completion point to get a better R/R and to allow for structure left of x point. I always wait for confirmation of these high time frame trades with DB on the 1H and an over sold RSI moving higher.
A couple of patterns potentially forming on the 1H. Expecting the Gartley but we will see.