As I write price action has spiked but not yet closed beyond the original 1.414 Fib Extension.
Of course we wait for confirmation but I think this potential pattern has moved from the linked chart to most likely complete at the levels shown on this chart with re-drawn levels.
We'll wait and see. Though at this ...
The markets are a bit quiet for my structure-based trades at the moment, but we have a neat potential Cypher pattern setting up. If it completes it could make for an interesting trade.
Do NOT be tempted to trade up to the D completion, please wait until the pattern has completed (if indeed it does) before using ...
More info to come on this theory. Ideally we'd wait for a 61.8% Fib retrace to improve the currently inverse risk/reward.
Just wanted to post this here for posterity and to encourage myself to pursue this theory as it currently looks VERY interesting...
As we have no data over the weekend we'll have to see on Monday what has happened...
But there could be a potential short with a 1.272 Fib projection at the same level as a harmonic AB=CD move.
Looking to go long soon as we have a potential AB=CD move, Fib extension and minor structure level culminating at a similar level.
Think we could fall a little further before resuming the trend, possibly to the 50% Fib retracement of the current move?
Potential bearish Gartley pattern.
However the daily chart presents a much larger potential Fib Inversion trade which would involve the market rallying considerably. So if this Gartley works, I will be taking conservative profits at the .382, possibly .618 retracement from A-D.