SkyrexTrading

BCHABC Flag + Three Drives + Impulse Breakthrough

Long
At the 3-hours timeframe chart it can be seen that a recently formed flag contains Bullish Three drives pattern.

The three-drive pattern is a lot like the ABCD pattern except that it has three legs (now known as drives) and two corrections or retracements (they can be seen in the beginning and in the end of the pattern)

In fact, this three-drive pattern is the ancestor of the Elliott Wave pattern.
As usual, you’ll need your hawk eyes, the Fibonacci tool, and a smidge of patience on this one. To make your life easier we draw it for you :)

Coming back to the analysis. After consolidation to the middle of Ichimoku clouds zone the price started Impulse wave movement and as usual when 2-3 move lies at the edge of the Flag there should be impulsive breakthrough.

Indicators are neutral, however at the short term timeframe they are bullish . Ichi clouds zone acts like a strong support


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Trade closed: target reached: 1st target was reached after 2 hours of the trade and the price reconsolidating for a breakthrough run

Current profit: 3.3%

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