Friday, October 16, 2009
GBPCHF ANALYSIS
Daily: we had a gartley signal which indicates trend continuation, also had ab=cd1.618 and now price is at 38.2 of the present swing with weekly R.
4HR: events unfolding on this time frame is very nice and . looking at the chart, we can clearly see how two patterns converge at same point. having bearish Butterfly and Bat at the same place indicates possible price projection
presently, price bull have scored a point(creating a HH) with Long time TL and R acting as resistance............ that could be B retracement for the patterns in question and also an indication of possible Bull crown.
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