Click here to view the chart.
The pattern appears to be completed. Price reversal also being signaled by the formation of a Doji. Price also happens to be approaching a long term supply zone (resistance).
– Upon a break of the CD trend line
– Below the low (0.9543) of the PRZ (Potential Reversal Zone)
– More aggressively below point D (0.9667)
– Initial target = 38.2% of AD (1.0125)Note: The AC trend line can act as a reversal area. A break above that would signal continued bullish momentum.One can use the 38.2% as a trailing stop as well.
– Target 2 = 61.8% of AD (1.0390) or 78.6% of AD (1.0597)
– Target 3 = 78.6% of AD (1.0597) or Point A (1.0852) or 127.2% of AD (1.1172) or 161.8% of AD (1.1583)or simply apply a trailing stop with no defined target.