🔍 Technical analysis: Bearish Flag Pattern According to the analysis presented in the previous post, after the completion of corrective wave B, an upward wave in the form of wave 3 or C grew to the size of 1.272 fibo of the previous wave itself. - Therefore, this rising wave can be labeled as wave one. 💎 According to the structure and behavior of the three-wave correction, an ascending log equal to 61.8 fibo of the previous wave has been returned. 💎 In addition, this return wave was in a channel and formed a descending flag. Therefore, the bearish flag pattern can also correct as much as the bar. - This descending log can return at least 100% of the previous wave, which will be the range of 0.1446. - If it continues and breaks it, it can extend to the floor of the channel and shopping area. 💎 Resistance zone: limit 0.39 and fibo 61.8 channel ceiling 💎 Alternate scenario: If the 0.618 Fibo area breaks to the upside, the bearish scenario will be invalidated and should be re-examined and updated. »»»«««»»»«««»»»««« Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support. Best Regards,❤️ Alikze. »»»«««»»»«««»»»«««
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As long as it is under the red box, it will be corrected. A flag pattern for two reasons. Second, the modified form AB=CD can touch the blue targets.
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The second target has been modified by more than 30%. At the moment, this upward corrective movement can be a pullback to the broken structure. If it does not confirm above the log C area, it will extend to the 100 Fibo range.
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After breaking the area, a zigzag movement can be considered as a pullback to the broken neckline in the form of wave 4 correction above, which with a break of 0.20 can complete the last leg of a full cycle up to the next Fibo 100 range. If the behavior and structure of the post changes, it will be updated.
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According to the latest analysis presented after the formation of a corner pattern and re-testing of the broken structure and the fracture of the 020 area, it is broken from the corner of the structure downwards.
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In the continuation of the presented analysis, after the pullback to the broken structure, the Fibo target was touched at 100 and is currently in the Buyer Zone, which has been corrected by more than 58% so far. Moreover, if the reversal is confirmed, it can enter the reversal cycle. If the post was useful for you, support it with like and comment.
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In the recent correction, the corrective lag of the flagpole size to the demand area went through the correction process. Currently, the retracement in the 0.78 Fibo area is facing selling pressure. Therefore, the corrective lag can continue until the demand area. If it can be placed above the supply range, the bearish behavior scenario can be considered terminated. If the behavior and structure of the post changes, it will be updated.
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According to the latest analysis presented, the flag pattern met the demand according to the direction of movement in the Buyer Zone. It is currently at the ceiling of the descending channel. I will provide a new update soon.
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