Bearish Retracements and Extensions
There are plenty of bearish patterns to confirm
I'm following up on my uptrend fib retracement and extensions for the wyckoff pattern I have been using since june.
This idea covers the a bearish downtrend and head & shoulder retracements/extensions with trend based fib time to predict where the Sign of Weakness (SOW) in the larger wyckoff 3 day pattern will appear.
The first retracement is a downtrend from April peak to mid summer with an extension to Sept. You can see 0.236 supported then broke on a second retest late sept before support at 0.382, when a bull trend took over.
This retracement and extension is now part of a larger bearish H&S pattern that is ultimately pointing to the same levels.
I’m watching to see if that 39k trendline acts as support.
A likely scenario would be a bounce off 0.618 h&s extension
I'm following up on my uptrend fib retracement and extensions for the wyckoff pattern I have been using since june.
This idea covers the a bearish downtrend and head & shoulder retracements/extensions with trend based fib time to predict where the Sign of Weakness (SOW) in the larger wyckoff 3 day pattern will appear.
The first retracement is a downtrend from April peak to mid summer with an extension to Sept. You can see 0.236 supported then broke on a second retest late sept before support at 0.382, when a bull trend took over.
This retracement and extension is now part of a larger bearish H&S pattern that is ultimately pointing to the same levels.
I’m watching to see if that 39k trendline acts as support.
A likely scenario would be a bounce off 0.618 h&s extension
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