Hallo Tradingviewers, I am learing Harmonic Patterns therefore please check with someone with experience in these formations. Please note that I am not a professional trader and these are my personal ideas only.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Have a nice day everybody and thank you for following and for sharing your ideas.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Have a nice day everybody and thank you for following and for sharing your ideas.
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Just a personal consideration: it is technically building momentum for further downside but visually it looks like it is pointing higher therefore always carefull just in case a Bears Trap is formed.
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This reminds me of the Wyckoff Events and Phases:
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Phase C: It is in phase C that the stock price provides goes through a decisive test of the remaining supply, allowing the “smart money” operators to ascertain whether the stock is ready to be marked up. As noted above, a spring is a price move below the support level of the TR established in phases A and B that quickly reverses and moves back into the TR. It is an example of a bear trap because the drop below support appears to signal resumption of the downtrend. In reality, though, this marks the beginning of a new uptrend, trapping the late sellers, or bears. In Wyckoff's method, a successful test of supply represented by a spring (or a shakeout) provides a high-probability trading opportunity. A low-volume spring (or a low-volume test of a shakeout) indicates that the stock is likely to be ready to move up, so this is a good time to initiate at least a partial long position.
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The above is the potential Bears Trap.
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www.ft.com/content/7...e8-9376-4a6390addb44