Bullish Wolfe Wave pattern with a projected Bullish Three
Drives Pattern could potentially - if realized - finally break
heavy resistance at the 115.600 level.
For the moment a bearish a correction looks very likely - look
at my previous post with a bearish White Swan Pattern on
the 4 hour time frame - as a Doji was formed on Friday. Even
if price breaks and closes below the initial support trend line
formed in 2016, price will only be bearish if it closes below
the 106.60/50 level as well as below the Wolfe Wave
support trend line.
Look to go long again once price reaches the 107.70 level,
which is the 61.8% retracement level and target the
113.500/600 level above with stops below 106.80/70.
From there, we will have to wait and see if price adheres
to the projected Bullish Three Drives Pattern and look for
new trade entry opportunities.
Happy trading
Drives Pattern could potentially - if realized - finally break
heavy resistance at the 115.600 level.
For the moment a bearish a correction looks very likely - look
at my previous post with a bearish White Swan Pattern on
the 4 hour time frame - as a Doji was formed on Friday. Even
if price breaks and closes below the initial support trend line
formed in 2016, price will only be bearish if it closes below
the 106.60/50 level as well as below the Wolfe Wave
support trend line.
Look to go long again once price reaches the 107.70 level,
which is the 61.8% retracement level and target the
113.500/600 level above with stops below 106.80/70.
From there, we will have to wait and see if price adheres
to the projected Bullish Three Drives Pattern and look for
new trade entry opportunities.
Happy trading
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