Bullish Cypher Pattern
Hi, so here we have a good example of a Cypher pattern,
We had a new structure high, which is the X-A Leg -
Starting from that, we look for the 1.27 extension of this leg to spot the area it could go in case of a cypher pattern completion ( this area will be point C area, which is B-C Leg )
Then we run back to the 618 Fib. retracement to complete the A-B Leg, which makes here a good setup for a cypher.
Once the C point is reached and B-C Leg complete, we look for the X to C fib. retracement; we expect the price to reach the 786 fib level to complete the bullish Cypher pattern.
We had a new structure high, which is the X-A Leg -
Starting from that, we look for the 1.27 extension of this leg to spot the area it could go in case of a cypher pattern completion ( this area will be point C area, which is B-C Leg )
Then we run back to the 618 Fib. retracement to complete the A-B Leg, which makes here a good setup for a cypher.
Once the C point is reached and B-C Leg complete, we look for the X to C fib. retracement; we expect the price to reach the 786 fib level to complete the bullish Cypher pattern.
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