ETH/USDT Potential Bullish Three Drives Harmonic Pattern
Updated
The pair looks to be forming a three drives harmonic pattern on the 15min timeframe.
Two successive double tops have led to two consecutive lower lows. A third double top has formed, suggesting a third lower low could be incoming.
I will enter at the end of the third drive if it actualizes a lower low that is approximately a 1.27 extension of the second drive and there is some confirmation of reversal. I will use the TD indicator on a short timeframe to find a good opportunity to go long around support at 3300.
My setup will look approximately like this:
Buy: 3310 or lower using short timeframe signal from TD indicator
Stop loss: 3190 (around 1.68 fib extension of second drive)
Profit target: Depending on your risk management strategy, take profit at 3490 (0.62 retracement of the Three Drives pattern). Other possible targets include previous local highs at 3550 and 3600 or a new high at 1.62 fib extension of this pattern at 3780.
This should not be taken as financial advice.
Two successive double tops have led to two consecutive lower lows. A third double top has formed, suggesting a third lower low could be incoming.
I will enter at the end of the third drive if it actualizes a lower low that is approximately a 1.27 extension of the second drive and there is some confirmation of reversal. I will use the TD indicator on a short timeframe to find a good opportunity to go long around support at 3300.
My setup will look approximately like this:
Buy: 3310 or lower using short timeframe signal from TD indicator
Stop loss: 3190 (around 1.68 fib extension of second drive)
Profit target: Depending on your risk management strategy, take profit at 3490 (0.62 retracement of the Three Drives pattern). Other possible targets include previous local highs at 3550 and 3600 or a new high at 1.62 fib extension of this pattern at 3780.
This should not be taken as financial advice.
Order cancelled
Three drives pattern did not play out.
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