EURCHF: Bullish Harmonic Butterfly Update
According to world recognized trader and author of several books, Larry Pesavento, if price closes below 162% XA expansions in the butterfly pattern , the trend is generally going to continue. A close below 262% XA confirms the continuation of the trend.
The CD leg thrust is the first indication wether or not price is going to exceed the PRZ at 127% XA expansions. Another indication could be if any wide range bars occurs around ''D'' point, which signals a potential breakout from the initial PRZ formed in any harmonic pattern.
We have some confluence at the 162% XA expansions such as the lows 10/04-17. This low happened to form a tweezer bottom in the following weeks closing prices on the weekly timeframe .
Place close attention to any reversal candlesticks that could potentially be forming around 1.065xx or the 162% XA expansions as another PRZ.
Make sure to check the related idea for more information
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God bless and happy trading
The CD leg thrust is the first indication wether or not price is going to exceed the PRZ at 127% XA expansions. Another indication could be if any wide range bars occurs around ''D'' point, which signals a potential breakout from the initial PRZ formed in any harmonic pattern.
We have some confluence at the 162% XA expansions such as the lows 10/04-17. This low happened to form a tweezer bottom in the following weeks closing prices on the weekly timeframe .
Place close attention to any reversal candlesticks that could potentially be forming around 1.065xx or the 162% XA expansions as another PRZ.
Make sure to check the related idea for more information
Please dont forget to leave a like and make sure to comment with any idea regarding EUR/CHF in the section below
Thank you for reading this short analysis
God bless and happy trading
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