Current harmonic potentially unfolding, all target levels line up with current bounces.
This pattern reflects a deep retracement to support levels. Considering the rate cut and G7 weekend meetings this move is playing out presumably as funds and players cut longs. The intention will be to re-establish them at deep support levels assuming no negative factors arise over the weekend and short term future horizon.
It should be noted that this pattern is playing out as bearish right now but is bullish at the 1.618BC=CD level(today's low); and more importantly, at the max target levels located in the 1.2770/80 region if today's low is breached.
Ideal positions should be established after the weekend at these levels where bulls and shorts will commit to long positions.
This pattern reflects a deep retracement to support levels. Considering the rate cut and G7 weekend meetings this move is playing out presumably as funds and players cut longs. The intention will be to re-establish them at deep support levels assuming no negative factors arise over the weekend and short term future horizon.
It should be noted that this pattern is playing out as bearish right now but is bullish at the 1.618BC=CD level(today's low); and more importantly, at the max target levels located in the 1.2770/80 region if today's low is breached.
Ideal positions should be established after the weekend at these levels where bulls and shorts will commit to long positions.