NANOUSD 1H Concurrent/Contrasting Harmonic Patterns?
Updated
Hi guys! I'm still learning TA - any feedback is most welcome!
Looks like there could be two contrasting XABCD patterns forming, looking at the 1H chart of NANOUSD. The Blue XABCD would end around the 5.2 area which could be a good spot to be looking for buy opportunities. The ending of the Blue corresponds with the CD leg of the green pattern and both suggest growth from that 5.2 area of support. Fib retracement and the green XABCD suggest there might be a big correction around the 9.7-9.8 area.
I'm still mostly practicing and not even 100% sure if I'll be taking my own advice so you definitely shouldn't! I want to publish this though as a challenge to myself. Any suggestions for improvement?
Looks like there could be two contrasting XABCD patterns forming, looking at the 1H chart of NANOUSD. The Blue XABCD would end around the 5.2 area which could be a good spot to be looking for buy opportunities. The ending of the Blue corresponds with the CD leg of the green pattern and both suggest growth from that 5.2 area of support. Fib retracement and the green XABCD suggest there might be a big correction around the 9.7-9.8 area.
I'm still mostly practicing and not even 100% sure if I'll be taking my own advice so you definitely shouldn't! I want to publish this though as a challenge to myself. Any suggestions for improvement?
Comment
Looks like support at 6.00 was stronger than the pattern, at least for now.Comment
Updated analysis posted. We've broken out of the possible formation of these harmonic patterns in my view!
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