EURGBP (Ending Channel, Three Drive and Shark Pattern) -1h Chart
Ending Channel was formed with 5 clear points (elliott impulse) and formed a Three Drive Pattern at top for bearish movement. thanks to that bearish movement a Shark Pattern was formed with some confirmations:
- A-B must touch 0.382, but cannot touch 0.618
- B-C must touch 0.618, but sometimes exceeds A retesting previous levels (FIbo A-B), or just keep an eye on that 0.236.
- D completion at 0.886 (Fibo X-A)
- take profits at 0.382 and 0.618 (Fibo C-D)
- third TP would be long term back to where it all started
But we also have another TP around 0.786 - 0.886 area for Ending Channel completion.
Good Trading. -1h Chart
- A-B must touch 0.382, but cannot touch 0.618
- B-C must touch 0.618, but sometimes exceeds A retesting previous levels (FIbo A-B), or just keep an eye on that 0.236.
- D completion at 0.886 (Fibo X-A)
- take profits at 0.382 and 0.618 (Fibo C-D)
- third TP would be long term back to where it all started
But we also have another TP around 0.786 - 0.886 area for Ending Channel completion.
Good Trading. -1h Chart
Note
Shark Pattern completed at 50 % with some news volatility afterwards, at this point I expect price to be bearish.Good Trading. - 1h Chart
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.