New game plan:
With the weakness in this move up, it seems like we might not reach our first target of $7,800 just yet.
Currently the price is now testing the top of the black channel as support, so before we move on to the harmonic, we need to see the price fall back into this channel.
So here we see a bullish shark pattern emerging on the 2hr time frame with Point D at around 6,975. This PRZ also happens to form confluence with the S1 trend line.
This is where I predicted the rally to begin, and since we never really got down to the trend line for a reversal, I think this scenario is definitely possible now.
This move up was just a fakeout, to confuse people. It seems very similar to what we saw in early April when price was spiking up and down before finally shooting up. I think it’s possible that we see a similar situation unfold.
I think it’s still possible we make the real bounce off the S1 trend line and head upwards towards the top of the big wedge as I originally called for.
Targets 1 and 2 are both provided on the green Fibonacci levels, but first we need to see this pattern complete itself.
Stop loss is in red below. Please do not enter this trade until we stop at Point D and make sure we aren’t seeing rapid falling or high sell volume at that point either.
Then you can enter a long position and set your stop loss to the 1.414 extension of XA.
Please like if you find this helpful :)
With the weakness in this move up, it seems like we might not reach our first target of $7,800 just yet.
Currently the price is now testing the top of the black channel as support, so before we move on to the harmonic, we need to see the price fall back into this channel.
So here we see a bullish shark pattern emerging on the 2hr time frame with Point D at around 6,975. This PRZ also happens to form confluence with the S1 trend line.
This is where I predicted the rally to begin, and since we never really got down to the trend line for a reversal, I think this scenario is definitely possible now.
This move up was just a fakeout, to confuse people. It seems very similar to what we saw in early April when price was spiking up and down before finally shooting up. I think it’s possible that we see a similar situation unfold.
I think it’s still possible we make the real bounce off the S1 trend line and head upwards towards the top of the big wedge as I originally called for.
Targets 1 and 2 are both provided on the green Fibonacci levels, but first we need to see this pattern complete itself.
Stop loss is in red below. Please do not enter this trade until we stop at Point D and make sure we aren’t seeing rapid falling or high sell volume at that point either.
Then you can enter a long position and set your stop loss to the 1.414 extension of XA.
Please like if you find this helpful :)
Note
If the price goes past 7,600 this pattern will be invalidated. Taking another look on the 4hr time frame, it looks like an inverse head&shoulders formation has developed so if this doesn't break down soon, just please keep that in mind as a possibility. I usually don't like posting harmonics and I almost never trade them until price reaches point D. But I wanted to post this as another possible scenario, and nothing more :)If we do end up at Point D then we will trade this. As of now I am still long with a small position so nothing has really changed that. My plan was to add more to my long position if we reached point D. Hope this clears things up for everyone!
Note
Price broke past 7,600 and pattern was never completed. This is a good example of why you shouldn't trade harmonics until price reaches point D. I would've liked to see this pattern complete and bring us another nice long entry, but the bulls keep pushing up so I'm still sticking to my last idea which calls for price to reach 9k over the next few weeks.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.