Price has hit in between the 50% and , exactly where the D point of the pattern has formed.
The measurements for a valid are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
Taking into consideration one of my other charts (shown below) indicating a potential lower low in the market, price has now hit the daily at $1233 right on the D point of the pattern.
All round this is an excellent trading opportunity with over 1:4 risk to reward.
I'll be going short from this level.
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