AB=CD pattern? A possible bearish cypher pattern?
We have a dragonfly doji in the daily chart (bullish signal) when price action bounced from a key support level (low 1220s) last Friday. In the 4 hrs chart it seems that we have a AB=CD pattern. Although we are kinda late to trade the pattern, it might be wise to keep an eye on important key points (i.e. price targets of the AB=CD pattern...38.2% and 61.8% AD leg retracement). So my plan will be to find a bullish pattern to trade in a lower time frame.
There is another possible pattern, which is a bearish cypher pattern (completion at 1255.9). I think we are a bit early for that one but it would be wise to keep it in your mind.
The red rectangle is a potential reversal zone (explained in my earlier analyses).
There is another possible pattern, which is a bearish cypher pattern (completion at 1255.9). I think we are a bit early for that one but it would be wise to keep it in your mind.
The red rectangle is a potential reversal zone (explained in my earlier analyses).
