09-21-18 Cypher Pattern with .618 Confluences

2018年9月22日

The harmonic pattern I am seeing at the moment is a cypher pattern due to the C points being the low. It does not meet all the requirements of a cypher pattern but it is the best fit. I have multiple confluences that all lead to the red box being a "Potential Reversal Zone". With cypher patterns the max target is the .786 retracement of the XC move. The XC move however has a retracement of .618 (Green lines) that also meets up with the BC moves 1.618 (Blue lines). These fib levels are also being met by some resistance clusters (Grey Boxes) which makes me think this is a strong stopping point. These fib levels also line up in a .50 - .618 Fibonacci channel (Orange Lines). Keep in mind many of the tops we have had recently have all been stopped by a .618 retracement level.