Hello traders, here we have a bearish 5-0 pattern on the 1h timeframe with CHF/JPY.
Price formed a valid C point at the minimum 1.618 level and is now heading towards completion at D.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
I expect price to stall in between 50% and 61.8% retracement levels, this is a key area of resistance and most likely where price will reverse.
I hope you all have an excellent week and safe trading!
Price formed a valid C point at the minimum 1.618 level and is now heading towards completion at D.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
I expect price to stall in between 50% and 61.8% retracement levels, this is a key area of resistance and most likely where price will reverse.
I hope you all have an excellent week and safe trading!
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