GBPCAD: Multiple 1234 patterns in D1
Multiple 1234 patterns can be seen in D1
- Month to Month, price is up with recent 4 months of price being flattish.
- Using the D1 bullish expansion at the beginning of the year as an upflow, we can see multiple 1234 patterns.
- Predominantly we can see a bigger 1234 pattern encompassing a smaller one.
- Both patterns have triggered on a WR leading to price completing a WRMB of the previous 2 months low.
In H4, we map out the immediate levels which price might see next
- We can also see that price has done a WRMB of several weeks low in conjunction with the D1 charts.
- Current price is closer to a monthly support, so it is more probable that price will head up.
- However take note that price might test this support level or any previous H4 box high as a support by retracing in the form of a 1234 pattern. Support around 18270-90 (levels by Binni)
- Resistance around 18400 18500
Updated by Jerome 11 June 2014
Price has come down to retest the support and create a right shoulder to complete a Inverted Head & Shoulder pattern.
On the H4 charts, price can be seen as re-testing the WRMB support levels with price now above