As price continues to make lower lows & lower highs, an AB=CD pattern is observed. The C point is a 78.6% retracement of the AB move, while the D point is at a 1.27BC extension.
A Potential Reversal is anticipated from the D point whose completion point lies at C (minimum).
Plus a candle engulfing the previous 4 candles in the PRZ is a favorable indicator. Note that an Engulfing Candle body 'engulfs' the body of previous candles, ignoring the wicks.
A long trade with buy above high of the last candle ie., 290. with a targets of 350 ( C point) & SL of 255 is a good RR setup.
Please take trades after making your own analysis. This chart is a showcase of my analysis alone, & the trade mentioned is one I'll be taking based on my convictions. This is NOT a trade recommendation.
Thank you & Wish you all a successful trading week!
A Potential Reversal is anticipated from the D point whose completion point lies at C (minimum).
Plus a candle engulfing the previous 4 candles in the PRZ is a favorable indicator. Note that an Engulfing Candle body 'engulfs' the body of previous candles, ignoring the wicks.
A long trade with buy above high of the last candle ie., 290. with a targets of 350 ( C point) & SL of 255 is a good RR setup.
Please take trades after making your own analysis. This chart is a showcase of my analysis alone, & the trade mentioned is one I'll be taking based on my convictions. This is NOT a trade recommendation.
Thank you & Wish you all a successful trading week!
