The first ;eg of a W pattern pattern is Down.
The last leg, leg 4, is Up.
Valley 2 (V2) is lower than valley 1.
This brings a few patterns to mind as only a few have this scenario.
A Cypher is measured from the top of the 1st leg to the bottom of the 3rd leg (V2) and terminates near the .786. Price pierced the .786 today with a candle shadow.
The Nen-Star is measured in the same way but terminates at the 1.272 or very close.
A shark is measured using the 1st leg only, the down leg and the 4th leg terminates near the .886 for a Shark and the 1.113 for the Alternate Shark.
So I will wait and see.
No recommendation.
The market can be an endless procession of surprises. The expected rarely occurs and seldom in the expected manner.
The last leg, leg 4, is Up.
Valley 2 (V2) is lower than valley 1.
This brings a few patterns to mind as only a few have this scenario.
A Cypher is measured from the top of the 1st leg to the bottom of the 3rd leg (V2) and terminates near the .786. Price pierced the .786 today with a candle shadow.
The Nen-Star is measured in the same way but terminates at the 1.272 or very close.
A shark is measured using the 1st leg only, the down leg and the 4th leg terminates near the .886 for a Shark and the 1.113 for the Alternate Shark.
So I will wait and see.
No recommendation.
The market can be an endless procession of surprises. The expected rarely occurs and seldom in the expected manner.