As you can see on the chart, the classical ABCD pattern of retracement 0.382 has completed and the BC projection is at 261.8% at D Point.
So at D point as you can see there is a formation of Double Bottom with Higher High, Higher Close. There is a divergence on my RSI also!!!. I am long at this area. My target is at 1st target of 0.382 of ABCD exit target!!
As you can see at 0.382 of the exit target, that is the 88.6% of the bat pattern completion reversal zone. There is area of confluence there where:
1) Exit Target of ABCD
2) 88.6% of Bat Pattern completion
3) Structure level on that area.
When the price reach that level, I am going to go short align with the current trend and i will look at that level for potential reversal zone
So at D point as you can see there is a formation of Double Bottom with Higher High, Higher Close. There is a divergence on my RSI also!!!. I am long at this area. My target is at 1st target of 0.382 of ABCD exit target!!
As you can see at 0.382 of the exit target, that is the 88.6% of the bat pattern completion reversal zone. There is area of confluence there where:
1) Exit Target of ABCD
2) 88.6% of Bat Pattern completion
3) Structure level on that area.
When the price reach that level, I am going to go short align with the current trend and i will look at that level for potential reversal zone
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