Bearish butterfly completed on 60 min chart. Anyway exist the possibility for an extended wave up to 1.5610 price zone. This price level fits with the completion of a bearish Cypher pattern on daily chart. For this trade setup i am anticipating the wave to develop in 3 scenarios and minimum target the resistance trend line if price breaks to downside. We have also a 60 min bearish pinbar formed on the top of the wave.
Good Luck!
Yorum
⋅
Daily chart- Bearish Cypher
Yorum
⋅
Price is moving to downside and is near the first resistance zone.
Yorum
⋅
TP_1 hit. Price found support at 100 EMA.
Yorum
⋅
After the previous move to downside price found resistance at 200 EMA and 50% fib.ret on 60 min chart. Price now completed the daily Cypher pattern. It tested a strong resistance zone at 1.5600 with divergences on 60 min. If we are now in a small 60 min first wave we can see a strong move to downside.