This analysis is done on 4H time frame, as it can be seen that market is making series of HH and HL which is our Bullish Trend. however, market took a deep correction and broke the HL which seems trend reversal. Since there is no divergence before correction therefore it is more weighted toward continuation pattern. Having said that, Market took a deep correction till FIB level of 0.618 which forms a AB=CD Harmonic Pattern.
The point D is our Potential Reverse Zone, and it also coincides with the 4H good resistance level (Perfect confluence of PRZ). Therefore we can project our market to reach there.
Entry Points : IN our case we shall plan safe entry on Break-of-Neckline, however the neckline is already broken, therefore we can instant enter into the market OR wait to break again the Market with Good Bullish candle (with good momentum / body).
Our 1st TP will be with R:R of 1:1 and 2nd TP would be 1:2 R:R , As usual SL would be placed below HL as market in the chart.
Regards,
The point D is our Potential Reverse Zone, and it also coincides with the 4H good resistance level (Perfect confluence of PRZ). Therefore we can project our market to reach there.
Entry Points : IN our case we shall plan safe entry on Break-of-Neckline, however the neckline is already broken, therefore we can instant enter into the market OR wait to break again the Market with Good Bullish candle (with good momentum / body).
Our 1st TP will be with R:R of 1:1 and 2nd TP would be 1:2 R:R , As usual SL would be placed below HL as market in the chart.
Regards,
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