Valid Cypher Harmonic on Daily timeframe
Daily:
Bearish Engulfing Pattern formed at 0.786 fibonacci retracement at which it completed the Cypher Harmonic.
Wick on Daily timeframe formed a double top and rejected at supply zone.
1 Hour:
Break of trendline @ 111.426 on 30/08/2018
Retest of trendline on shorter timeframe (15min & 5min) @ 111.436 - FIRST SELL OPPORTUNITY
First Take Profit (TP) target met at the 0.382 Fibonacci retracement of point C and D of harmonic pattern @110.962.
Price is now reversing with bearish engulfing pattern formed at the 0.382 reversal point - SECOND SELL OPPORTUNITY
Second TP target is at 0.618 fib Fibonacci retracement of point C and D of harmonic pattern @110.539.
Daily:
Bearish Engulfing Pattern formed at 0.786 fibonacci retracement at which it completed the Cypher Harmonic.
Wick on Daily timeframe formed a double top and rejected at supply zone.
1 Hour:
Break of trendline @ 111.426 on 30/08/2018
Retest of trendline on shorter timeframe (15min & 5min) @ 111.436 - FIRST SELL OPPORTUNITY
First Take Profit (TP) target met at the 0.382 Fibonacci retracement of point C and D of harmonic pattern @110.962.
Price is now reversing with bearish engulfing pattern formed at the 0.382 reversal point - SECOND SELL OPPORTUNITY
Second TP target is at 0.618 fib Fibonacci retracement of point C and D of harmonic pattern @110.539.
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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.