Reading the chart
Getting a bigger picture of the pair really shows the failed bearish attempts after point B. After a failed push (B) of only 113% extension of O to X, price almost immediately reversed to the other direction, breaking the secondary bearish trendline. The 88.6% retracement of O to B gave some relief and give me a target 1 hit with the Shark886 pattern. However, after a 38.2% retracement, the pair tried to extend even further but could not extend above 0.7512. This should be marked as the real C point. From here on the pair dropped with the same length of move A to B. This means that the pair has made a reciprocal AB=CD and therefore a 5-0 pattern has completed.
Prediction
From this completion point at the 61,8% retracement of B to C the pair should extend way above 0.7512!
Setup
The setup for is too risky for retailtraders, however there has a smaller bullish Shark113 pattern completed at the 5-0 PRZ.
See this post for a lower risk setup to go long:
Getting a bigger picture of the pair really shows the failed bearish attempts after point B. After a failed push (B) of only 113% extension of O to X, price almost immediately reversed to the other direction, breaking the secondary bearish trendline. The 88.6% retracement of O to B gave some relief and give me a target 1 hit with the Shark886 pattern. However, after a 38.2% retracement, the pair tried to extend even further but could not extend above 0.7512. This should be marked as the real C point. From here on the pair dropped with the same length of move A to B. This means that the pair has made a reciprocal AB=CD and therefore a 5-0 pattern has completed.
Prediction
From this completion point at the 61,8% retracement of B to C the pair should extend way above 0.7512!
Setup
The setup for is too risky for retailtraders, however there has a smaller bullish Shark113 pattern completed at the 5-0 PRZ.
See this post for a lower risk setup to go long:
