Here we can see the current A-B boundary from the Daily TF is Bearish...we can see the C pull-back has been a nice 50%.
I favour and work most technical off the 2H TF and the A-B boundary here is also Bearish...we can see the C pull-back has been a nice 38.2%.
Now here is the ugly bit (LOL) as we can see price is currently stuck in consolidation and the pennant is quite large is size which offers two potential scenarios...the official A-B boundary on this TF is Bullish and with a deep pull-back to the 86% (when price consolidates deep pull-backs are very common)...in anticipation of the smaller TF finally continuing Bearish as per the higher TFs I will need to see price take out the A low of 1.1254, which in turn kicks in the Bearish A-B boundary as highlighted on the chart...Here also we can see the C pull-back also being a deep 86%.
Hope this may help and assist you in your continual learning...
#TradeYourWayForward
Skype: lateralthinking123
Twitter: @jonesesp
I favour and work most technical off the 2H TF and the A-B boundary here is also Bearish...we can see the C pull-back has been a nice 38.2%.
Now here is the ugly bit (LOL) as we can see price is currently stuck in consolidation and the pennant is quite large is size which offers two potential scenarios...the official A-B boundary on this TF is Bullish and with a deep pull-back to the 86% (when price consolidates deep pull-backs are very common)...in anticipation of the smaller TF finally continuing Bearish as per the higher TFs I will need to see price take out the A low of 1.1254, which in turn kicks in the Bearish A-B boundary as highlighted on the chart...Here also we can see the C pull-back also being a deep 86%.
Hope this may help and assist you in your continual learning...
#TradeYourWayForward
Skype: lateralthinking123
Twitter: @jonesesp