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not only the present price action is at the Base of a extreme bullish harmonic impusle, but also the 0.5mini median line of the pitchfork and the S1 monthly support in the traditional system of pivots..
Following the price magnet theory of the pitchfork, we should retrace back to the median line of the pitchfork, the extreme bullish harmonic impulse@886 must ...
C point of butterfly validity check...
1. current C point is on a 20months trendline (0.5AB)
2. if breaks the next stop is on the median line of the pitchfork (0.618AB)
CD up leg validity check..
1.Bullish reverse divergence on RSI
2. probable cypher in formation
Potential reversal zone limit estimated at 1.27XA of the butterfly...
reversal pathway estimated ...
target - 90
stop loss - 85.50
It is been observed on the daily chart that the price action is trending up in a channel. Currently the price action corrected from month's high of 86 to 81 levels. Now, it shall further move up from the support levels of the channel.
It is been observed on the daily chart that the price action is trending up in an uptrend channel. Now, the price action has touched and reached to the support level or line of the channel, forming a channel trade setup. It is usually a risk trade setup but most rewarding.
Target 1: 84
Target 2: 85
It is been observed on daily chart that the price action forms a Bearish Pin Bar Candlestick formation indicating Buyers exhaution and Sellers taking over the price action. It shall further put the price action down to previous support levels at around 74.
Price is nicely moving in a channel and making higher highs.
Price is near Fib level and near the trend line. If price breaks the trendline then it should move till the next resistance level. However looking at recent Volume I do not feel the price will move above the trendline. However this a potential setup to go long if prices breaks the ...