If we consider that the C-point of this projected bearish Deep Crab has been formed on Friday last week with a support of 200 MA, I would project this Harmonic pattern to its completion at the D-point for 450 pips with very low risk taking in mind three more reasons:
1. Inverted H&S as shown on the chart. If its Neckline got broken it will be a good reason to go long.
2. Bullish hidden divergence on MACD. Although it is not very promising, it could be just another small reason for our confidence.
3. I have similar bias on EUR/NZD which is a positively correlated pair to the current and so far was playing nicely.
Interestingly enough, the TP on inverted H&S pattern lies right at the PRZ of projected Harmonic if confirmed.
I won't go in more details of this idea but if you are interested, you can leave a comment or drop me a message.
Good luck Traders!
1. Inverted H&S as shown on the chart. If its Neckline got broken it will be a good reason to go long.
2. Bullish hidden divergence on MACD. Although it is not very promising, it could be just another small reason for our confidence.
3. I have similar bias on EUR/NZD which is a positively correlated pair to the current and so far was playing nicely.
Interestingly enough, the TP on inverted H&S pattern lies right at the PRZ of projected Harmonic if confirmed.
I won't go in more details of this idea but if you are interested, you can leave a comment or drop me a message.
Good luck Traders!
