AMZNFrom left to the right:
Higher high at $847 and with a 5 waves correction it forges one major 1st wave of a potential deeper corrective structure at $710.10;
From there, the price bounced into a consolidation period, not over yet, and we have 3 basic options here:
- 1st.
ABC correction is done (3 waves) and the price will break the symmetrical triangle in the direction of the previous and most recent trend; (Red)
- 2nd.
More complex structure with a 5 waves structure as an ABCDE pattern, and the same, the price should break the symmetrical triangle in the direction of the previous and most recent trend; (Blue)
- 3th.
The price will violate the previous most recent Higher's around the $792.26 and will forge an ABCD pattern (the example shows an ABCD pattern where the movement from A to B is equal to C to D, and in that case, it will print us a bearish advanced pattern, as a Bearish Bat; (Black ab=cd, and harmonic at Brown)
That said, obviously, i am expecting a bearish breakout of the symmetrical triangle...
Bullish butterfly pattern completion point right above the confluence price zone between the extension of previous moves, by default it will be forged at 127% extension but we have confluence between the 141% and the 150%, it should or may represent some source of psychological pressure zone (in lack of better expression) and it is also the previous structure low's, this alone will put some pressure on for sure...
Safe Trades;
Note
Correction on the Butterfly completion point:
Bearish Bat
Note
Harmonic Patterns | Market Analyst | Forex Analytix | Porto, Portugal
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Harmonic Patterns | Market Analyst | Forex Analytix | Porto, Portugal
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.