(8h) 3 Bearish Patterns to Drive... or not ;)
With a solid bearish divergence (RSI + MACD) forming the 3drives pattern, but also two different bearish harmonic patterns.
The Bearish Butterfly pattern (orange) at 127 extension from X to A, BUT with a point B rejecting the pullback to the 78% retracement for a few pips, (failed the criteria for point B, but not the final print, extension between the 127<>141 extension), also previous structure highs from 16 Aug 2017 rejecting to close above that previous higher close.
The Bearish Bat (red) is forged at 88% retracement from previous highs to most recent lower lows (retracement from X to A).
Stops should be positioned above all the structure with a maximum of 1:1 risk/reward for the 1st default target at 38% retracement.
Targets should be synced with the fib levels, by default the 38% and the 61.8% retracement and we can see they are also synced with previous structure.
Safe Trades;
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