UPDATE #1: EURUSD: Another Bullish Shark Is Waiting + Bull Bat
While everything has kind paused now waiting on the FOMC, let me post this update real quick....
In my previous post, I talked about a bullish shark that will complete around the same point as the bullish 5-0 pattern would complete: at the 1.09600 area. Recent price action has now also set up a POTENTIAL bullish bat that will also complete right around that area as well. Combined with a couple of other factors, this makes this area with heavy confluence for a reversal.
You have:
1. a MAJOR SR Structural Zone with several previous touches
2. 50% Retracemernt of the previous up trend
3. THREE bullish harmonic patterns all completing in that same area
Makes for a pretty clear highly probable reversal zone, don't you think? But we'll have to wait and see if prices will get there first.
I also drew in a POTENTIAL Bullish Butterfly right that would complete right below the Bat BAMM Line. There is also a minor SR structure around that area. What I think might happen is that after prices drop past the BAMM line, it will find some support at that point where the butterfly completes and the minor SR structure, reverse back up to the BAMM line and then down from there. Maybe....
Now, all this could go out the window depending on the FOMC......
In my previous post, I talked about a bullish shark that will complete around the same point as the bullish 5-0 pattern would complete: at the 1.09600 area. Recent price action has now also set up a POTENTIAL bullish bat that will also complete right around that area as well. Combined with a couple of other factors, this makes this area with heavy confluence for a reversal.
You have:
1. a MAJOR SR Structural Zone with several previous touches
2. 50% Retracemernt of the previous up trend
3. THREE bullish harmonic patterns all completing in that same area
Makes for a pretty clear highly probable reversal zone, don't you think? But we'll have to wait and see if prices will get there first.
I also drew in a POTENTIAL Bullish Butterfly right that would complete right below the Bat BAMM Line. There is also a minor SR structure around that area. What I think might happen is that after prices drop past the BAMM line, it will find some support at that point where the butterfly completes and the minor SR structure, reverse back up to the BAMM line and then down from there. Maybe....
Now, all this could go out the window depending on the FOMC......
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