First thing first : This is a probability as the patterns are not yet completed ...
On a weekly timefram we can see a H&S formation in process which is also the same in daily Timeframe. nothing much to say about that as long as we dont see one more bearish bar closing below.
Coming to confluence in lower timeframes.. 1hr Timeframe.
Crucial Pattern to look for as this pattern will decide if this whole analysis is about to happen or not...
Bearish Gartley pattern targets are point B and C, Point B in this scenario turns out to be the breakaway gap or you can see breakout area (CHoCH) that had not been tested.
Remember this that Point B should act as support for the market to move up from here. If point c is broken then the Higher timeframe Pattern H&S will get activated.
Keeping in mind that nothing is madatory to happen in the market but as we aknow a retest is a possibility. which completes the whole analysis, and giving birth to another pattern in higher timeframe.
Looking this structure in Eliott wave gives us much more clear picture,(I'm no expert in EW yet believe that this is just a basic pattern,)
Now Concluding the whole analysis .. I'm Bearish. Only if 17750 is breached upside i'm going to avoid this analysis ..
On a weekly timefram we can see a H&S formation in process which is also the same in daily Timeframe. nothing much to say about that as long as we dont see one more bearish bar closing below.
Coming to confluence in lower timeframes.. 1hr Timeframe.
Crucial Pattern to look for as this pattern will decide if this whole analysis is about to happen or not...
Bearish Gartley pattern targets are point B and C, Point B in this scenario turns out to be the breakaway gap or you can see breakout area (CHoCH) that had not been tested.
Remember this that Point B should act as support for the market to move up from here. If point c is broken then the Higher timeframe Pattern H&S will get activated.
Keeping in mind that nothing is madatory to happen in the market but as we aknow a retest is a possibility. which completes the whole analysis, and giving birth to another pattern in higher timeframe.
Looking this structure in Eliott wave gives us much more clear picture,(I'm no expert in EW yet believe that this is just a basic pattern,)
Now Concluding the whole analysis .. I'm Bearish. Only if 17750 is breached upside i'm going to avoid this analysis ..
Commentaire:
I'm not convinced on 17750 being breached yet
TeamTaurus
