(For the past couple of months I've been learning about FOREX , therefore I am not sure if the following event is going to occur, so don't pin yourself down on it.)
Good day everyone,
While searching for harmonic patterns on the EUR/GBP charts today, I think I might have found a Bullish Crab Pattern. First me and a friend where thinking the following pattern could have been a Butterfly Pattern.
But after looking closely I think that the CD-leg was to long for a butterfly (the CD leg of a butterfly often is between the 1.168 and 2.24 fib levels) and therefore might be a Crab Pattern (the CD leg of a crab often is between the 2.24 (or 2.0) and 3.618 fib levels).
Besides the CD leg being to long, my oscillating indicator is tell me there might be some room left to go up a few pips and my trending indicator is showing me that the trend is still rising. Therefore the chart might still increase in about 20 to 80 pips. Worst case is that the pattern is a butterfly and that means the chart is still going down anyway.
summarized in the next couple of days there might be an downtrend coming.
on the chart you can see the 3 resistance levels/ turning points (blue) and 3 support levels/ take profit (green). And if you scroll the chart to left you can see a lot of earlier resistance and support levels (between 2017/01/09 and 2017/01/18, 2016/11/15, between 2016/08 and 2016/10) which is a good sign.
Tell me what you guys think, do you think I'm going to be right or wrong and why?
Kind regards,
Khaine
Good day everyone,
While searching for harmonic patterns on the EUR/GBP charts today, I think I might have found a Bullish Crab Pattern. First me and a friend where thinking the following pattern could have been a Butterfly Pattern.
But after looking closely I think that the CD-leg was to long for a butterfly (the CD leg of a butterfly often is between the 1.168 and 2.24 fib levels) and therefore might be a Crab Pattern (the CD leg of a crab often is between the 2.24 (or 2.0) and 3.618 fib levels).
Besides the CD leg being to long, my oscillating indicator is tell me there might be some room left to go up a few pips and my trending indicator is showing me that the trend is still rising. Therefore the chart might still increase in about 20 to 80 pips. Worst case is that the pattern is a butterfly and that means the chart is still going down anyway.
summarized in the next couple of days there might be an downtrend coming.
on the chart you can see the 3 resistance levels/ turning points (blue) and 3 support levels/ take profit (green). And if you scroll the chart to left you can see a lot of earlier resistance and support levels (between 2017/01/09 and 2017/01/18, 2016/11/15, between 2016/08 and 2016/10) which is a good sign.
Tell me what you guys think, do you think I'm going to be right or wrong and why?
Kind regards,
Khaine
Commento:
Took a while but It happend :)