GBPUSD: D1 WRMB leads to H4 1234 pattern
WRMB completed on the D1 charts
- With the close last week, price has successfully completed a WRMB of previous 3 months highs in the Daily charts.
- Price also retraced to retest one of the highs earlier in this week.
- Current support mapped is at the low of the previous and current month.
A possible 1234 on TR might have formed
Binni tweeted below, suspecting that a 1234 on TR might have formed. Giving a buffer so the 16720 level was not triggered.
— TerraSeeds FX Tflow® (@terraseeds) June 4, 2014
If this 1234 is true, then we are seeing a support at 16670
An alternative 1234
- Based on the bearish expansion, we can see that price has clearly expanded below several weeks highs and lows.
- This in turns creates a possible downflow for Tflow® to be used.
- A 1234 pattern can be seen which might see point 4 forming at any of the previous boxes highs.
- Take note of the immediate support of previous week low. (Low of Bearish Expansion)