On Monthly TF, Cypher Harmonic Pattern has been drawn.
Although, point C has not extended till minimum text book requirement of 1.172 but anyway in real world some exceptions can be taken when no other pattern is matching.
Point D has been drawn to arrive to the TP from where a reversal is expected.
EMA 21 is below the candles indicating a Bull run.
On Daily TF, price is under upper limit of Bollinger Bands which indicates that steadily price is going up and up. However, a retracement to establish a Higher Low is eminent. Therefore, do not worry if price retraces a bit. Remember this analysis is for Swing trading not for day trading. Stop Loss has been assigned based on the HL on Daily time frame.
Swing Trade Values which may last for 2 to 4 months:-
Trade Values
Buy (Mkt): 9.39
Stop Loss : 6.45
TP-1: 12.00
TP-2: 16.00
Although, point C has not extended till minimum text book requirement of 1.172 but anyway in real world some exceptions can be taken when no other pattern is matching.
Point D has been drawn to arrive to the TP from where a reversal is expected.
EMA 21 is below the candles indicating a Bull run.
On Daily TF, price is under upper limit of Bollinger Bands which indicates that steadily price is going up and up. However, a retracement to establish a Higher Low is eminent. Therefore, do not worry if price retraces a bit. Remember this analysis is for Swing trading not for day trading. Stop Loss has been assigned based on the HL on Daily time frame.
Swing Trade Values which may last for 2 to 4 months:-
Trade Values
Buy (Mkt): 9.39
Stop Loss : 6.45
TP-1: 12.00
TP-2: 16.00
Trade active
I have identified that it is actually bearish SHARK harmonic pattern. Therefore, as per the pattern, TP-2 can be set 17.50 instead of 16.00 .
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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.