Cypher- Shark - 5-0 Constellation FINAL
A Shark pattern is nested in a larger slightly broken Cypher pattern with the possibility of a preceding 5-0 pattern.
The most likely point for bearish reversal is at 0.74406 due to alignment of 0.382 of CD from both Cypher and Shark.
However if price continues moving upward then the half way point for CD of Shark @ 0.75648 becomes relevant due to possibility of 5-0 pattern, which is a 1 step extension of Shark
First support line is at 0.71579 - a 1.618 extension of AB from Shark
The strongest support range is between 0.71029 and 0.70436 where D from the Broken Cypher and Shark are in close proximity to one another (dark green)
If price drops below that then the official 1.618-2.24 of AB reversal range takes over again to extend D from between 1.13 of XA to 2.24 of AB (light green)
If that happens it will probably be more difficult for price to jump back over main support range which now becomes resistance
If price passes 0.6814 (2.24 of AB) shorting is recommended, otherwise go long until 0.74406 (0.382 of CD) or set two stop losses for 0.382 and 0.50 of CD @ 0.75648
The most likely point for bearish reversal is at 0.74406 due to alignment of 0.382 of CD from both Cypher and Shark.
However if price continues moving upward then the half way point for CD of Shark @ 0.75648 becomes relevant due to possibility of 5-0 pattern, which is a 1 step extension of Shark
First support line is at 0.71579 - a 1.618 extension of AB from Shark
The strongest support range is between 0.71029 and 0.70436 where D from the Broken Cypher and Shark are in close proximity to one another (dark green)
If price drops below that then the official 1.618-2.24 of AB reversal range takes over again to extend D from between 1.13 of XA to 2.24 of AB (light green)
If that happens it will probably be more difficult for price to jump back over main support range which now becomes resistance
If price passes 0.6814 (2.24 of AB) shorting is recommended, otherwise go long until 0.74406 (0.382 of CD) or set two stop losses for 0.382 and 0.50 of CD @ 0.75648
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.