From the basics of price action we have:
IH: initial high
IL: initial low
LH: lower high
LL: lower low
In the past, the price targeted exactly that 1.272 Fibonacci extension, which is at 1.095. If we apply the same principle for the next wave, we can also spot a support at the 1.272 extension, which is at 1.085.
The other scenario is the inverse head and shoulders pattern! So keep an eye on the important levels.
IH: initial high
IL: initial low
LH: lower high
LL: lower low
In the past, the price targeted exactly that 1.272 Fibonacci extension, which is at 1.095. If we apply the same principle for the next wave, we can also spot a support at the 1.272 extension, which is at 1.085.
The other scenario is the inverse head and shoulders pattern! So keep an eye on the important levels.
Note
Fibonacci, not fibonachi (can't edit) :D
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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.