thank's to
Sive Morten http://www.forexpeacearmy.com/
4-hour
Very important chart by far. Flag extention down shows that 1.618 level coincides presicely with the same area around 1.2760-1.2780. Here we have to exclude butterflies and 3-Drives, because relation between retracements and extensions does not let us to get acceptable combination of extensions. Thus, if market really will have any intention to reverse – we could get either H&S or say, Double Bottom. Take a note that WPS1 will stand in the same support area as well. And do not treat this picture as “must” scenario. I hope you understand that this is just suggestion by far – one of the possible scenarios. Based on changing sentiment and existence of solid support we make an assumption of possible retracement, but how definitely it will start and will it start at all – that’s the question.
http://images.forexpeacearmy.com/Wee...h_22_09_14.png
Sive Morten http://www.forexpeacearmy.com/
4-hour
Very important chart by far. Flag extention down shows that 1.618 level coincides presicely with the same area around 1.2760-1.2780. Here we have to exclude butterflies and 3-Drives, because relation between retracements and extensions does not let us to get acceptable combination of extensions. Thus, if market really will have any intention to reverse – we could get either H&S or say, Double Bottom. Take a note that WPS1 will stand in the same support area as well. And do not treat this picture as “must” scenario. I hope you understand that this is just suggestion by far – one of the possible scenarios. Based on changing sentiment and existence of solid support we make an assumption of possible retracement, but how definitely it will start and will it start at all – that’s the question.
http://images.forexpeacearmy.com/Wee...h_22_09_14.png
don't predict direction, but dance with flow of water