EURCHF: Bullish Harmonic Butterfly Update
According to world recognized trader and author of several books, Larry Pesavento, if price closes below 162% XA expansions in the butterfly pattern , the trend is generally going to continue. A close below 262% XA confirms the continuation of the trend.
The CD leg thrust is the first indication wether or not price is going to exceed the PRZ at 127% XA expansions. Another indication could be if any wide range bars occurs around ''D'' point, which signals a potential breakout from the initial PRZ formed in any harmonic pattern.
We have some confluence at the 162% XA expansions such as the lows 10/04-17. This low happened to form a tweezer bottom in the following weeks closing prices on the weekly timeframe .
Place close attention to any reversal candlesticks that could potentially be forming around 1.065xx or the 162% XA expansions as another PRZ.
Make sure to check the related idea for more information
Please dont forget to leave a like and make sure to comment with any idea regarding EUR/CHF in the section below
Thank you for reading this short analysis
God bless and happy trading
The CD leg thrust is the first indication wether or not price is going to exceed the PRZ at 127% XA expansions. Another indication could be if any wide range bars occurs around ''D'' point, which signals a potential breakout from the initial PRZ formed in any harmonic pattern.
We have some confluence at the 162% XA expansions such as the lows 10/04-17. This low happened to form a tweezer bottom in the following weeks closing prices on the weekly timeframe .
Place close attention to any reversal candlesticks that could potentially be forming around 1.065xx or the 162% XA expansions as another PRZ.
Make sure to check the related idea for more information
Please dont forget to leave a like and make sure to comment with any idea regarding EUR/CHF in the section below
Thank you for reading this short analysis
God bless and happy trading
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