The chart explains itself. I noticed a previous pattern and a very similar reaction in RSI that lead to a 1000 pip recovery. Also, after each of the last legs of each pattern there was a 1000 pip recovery. They were both very close to the .786 fib level of the last leg as well. Coincidentally this time that lines up with the 200 ema at 1.54. There are also multiple factors at play here as to why I'm long, such as the recent crab pattern,, pin bar, break of trendline/retest, and retail crowd heavy short. I'm looking for long positions now.
