A potential ABC - Cup pattern formation scenario
TFW - current multiple falsebreak below 161.8% extension - a sideway / sideway down movement implication
> RSI convergence signal supporting wave 3 status
> Projecting wave 4 at rounding cup support level, possible 20 week moving average and 100% fibonacci support zone.
> Targeting wave 5 at 361.8% fibonacci extension of A wave at the key liquidity resistance level + 120% profit.
Always trade with affordable risk and respect your stoploss
Goodluck
TFW - current multiple falsebreak below 161.8% extension - a sideway / sideway down movement implication
> RSI convergence signal supporting wave 3 status
> Projecting wave 4 at rounding cup support level, possible 20 week moving average and 100% fibonacci support zone.
> Targeting wave 5 at 361.8% fibonacci extension of A wave at the key liquidity resistance level + 120% profit.
Always trade with affordable risk and respect your stoploss
Goodluck
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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.