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Hamonics

BitCoin Bearish AB=CD TYPE-II Continuation As a followup from earlier, we have now retested the aforementioned patterns with PRZ between 2280-2290 and an exact ABCD @ 2320. (I incorrectly mentioned 2310 in original post.) Regardless, the Terminal Bar traded as high as 2330 as the price action hit the PRZ. Remember, harmonic patterns have two reversal classifications : Type-I = Reaction to 382/618 target. Aggressive/automatic management. Type-II = Better situation for larger reversals to unfold AFTER FULL RETEST OF ORIGINAL PRZ! Discretionary&automatic management. Currently, the pattern's Terminal Bar indicates "permissible" overspill rally as high as 2330. The AB=CD completion at 2320 was just triggered on the last hourly bar, ending the "identification phase" and now looking to EXECUTE beyond the Terminal Bar (+1,+5). PRZ levels 2280-2320, stop>2360, profit target1@2025 + profit target1@1900. But, this IS the absolute point to jump from harmonic pattern to harmonic pattern opportunity.
BITSTAMP:BTCUSDShort
by ScottCarney
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