ABCD & potential bat pattern
Scenario 1
4hr
ABCD pattern is formed at has tested the 1.272 level.
RSI is generally in uptrend. I expect another retest of this the yellow box before making a bullish move. Price action is painting a bearish candlestick.
Daily.
There is a Bat pattern in formation. Currently price is on the CD leg. I expext price will retrace from within this 618 ABCD pattern before resuming down to the trend line. From there it will break and continue down.
Scenario 2
Price continues its bearish move straight through the trend line and onto the D point of the bat pattern.
4hr
ABCD pattern is formed at has tested the 1.272 level.
RSI is generally in uptrend. I expect another retest of this the yellow box before making a bullish move. Price action is painting a bearish candlestick.
Daily.
There is a Bat pattern in formation. Currently price is on the CD leg. I expext price will retrace from within this 618 ABCD pattern before resuming down to the trend line. From there it will break and continue down.
Scenario 2
Price continues its bearish move straight through the trend line and onto the D point of the bat pattern.