There is a nice butterfly advanced harmonic pattern forming here. The Price Reversal Zone is at Point D and the red arrows point to each downside target.
Please note these targets are not necessarily points for price to reverse but rather points to expect the price to drop to if this pattern plays out.
Please note these targets are not necessarily points for price to reverse but rather points to expect the price to drop to if this pattern plays out.
Trade active
Target 1 reached. A drop below 9.4k will bring us to the next target below to the .618 fib level (in green) around 9.2k. 9.4k is supported by the 200 day EMA which isn't shown on the chart, but this is local support for now.Trade closed: target reached
Both targets reached!
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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.