The pattern is one of my favorites, when trading them it’s important to take a step back and look at where you are in terms of the overall flow of the market. Typically this pattern forms with trend, in this situation it's an uptrend.
The measurements for a valid pattern are detailed below.
X-B: 0.5 - 0.886
C-E: 1.272 - 1.618
B-D: 0.5 - 0.886
We are approaching a key level of resistance around the 0.07900 area just below our E point, the chart is shown below.
There are also a variety of M patterns forming on different time frames. Once we complete the E leg we will be entering a short position, if you have any additional analysis on this pair please feel free to comment below.
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