Following recent bearish move, market is currently forming bearish cypher completing right at the structure heights. Additionally to that there is Bearish AB=CD pattern completing at the same price levels. These same levels also happens to be near 38.2% Fib retracement of most recent bearish swing.
If price pushes up to these levels then, considering all the confluences, we may see a sharp move back down.
Bearish cypher
Bearish AB=CD
Structure Heights
38.2% Fib
Bearish trend
RSI-????
ATR based Stops above the Cypher starting point ( X )
1st profit targets - 38.2% Fib of Cypher.
If price pushes up to these levels then, considering all the confluences, we may see a sharp move back down.
Bearish cypher
Bearish AB=CD
Structure Heights
38.2% Fib
Bearish trend
RSI-????
ATR based Stops above the Cypher starting point ( X )
1st profit targets - 38.2% Fib of Cypher.
Note
Currently setting up for bullish Bat on 1h Time frameOrder cancelled
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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.