Hello traders, just an update on XAG/USD with a bearish shark pattern on the 4h chart.
Price has now reached the bottom trendline of the ascending channel, I'm expecting price to breakout and hit the 0.382 retracement level at 17.40000.
If we see this move occur, it will more than likely be followed by a pullback to the trendline providing us with an excellent area to short.
The measurements for a valid shark are detailed below.
C: 1.13 - 1.618
D: 1.618 - 2.24
Final X to D: 0.886 - 1.13
Keep an eye on this going into next week, I hope you all have a great weekend!
Price has now reached the bottom trendline of the ascending channel, I'm expecting price to breakout and hit the 0.382 retracement level at 17.40000.
If we see this move occur, it will more than likely be followed by a pullback to the trendline providing us with an excellent area to short.
The measurements for a valid shark are detailed below.
C: 1.13 - 1.618
D: 1.618 - 2.24
Final X to D: 0.886 - 1.13
Keep an eye on this going into next week, I hope you all have a great weekend!
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