BVSP - Gartley Pattern
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For our brazilian friends out there in the market.
Bovespa stocks market has just completed a Cypher Pattern on a daily chart. It is also possible to see a double top before it started the movement down.
This might give us a signal that this market will retrace back into 382 Fib retracement (confluence with X point which is previous resistance level) and maybe further down 618 Fib retracement (confluence with B point which is previous resistance level).
Bovespa stocks market has just completed a Cypher Pattern on a daily chart. It is also possible to see a double top before it started the movement down.
This might give us a signal that this market will retrace back into 382 Fib retracement (confluence with X point which is previous resistance level) and maybe further down 618 Fib retracement (confluence with B point which is previous resistance level).
Nota
Bovespa index has now approached 382 Fib retracement level.We will keep following this one to see if price will give us any bullish signals or if price will eventually keep moving further down to reach 618 Fib retracement before getting bullish again.
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