Short AUDCAD: Bat, Crab, Wolfe, Trendline, Pitchfork, Pivots
AUDCAD is nearing a highly confluent zone of resistance. A bearish bat and a bearish crab are set to complete in a tight PRZ that may be contained by trendline and pitchfork resistance. A bearish Wolfe wave setup may also be completed in this area. To add to the bearish bias, two unhit daily pivots sit below price. RSI is overbought as well. Stop loss is placed above Bat X with targets at .382 and .618 CD retracement levels.Confluence in the PRZ:
- Bearish bat pattern completion
- 1.618AB=CD (bat)
- 1.618BC projection (bat)
- Bearish crab pattern completion
- 3.5AB=CD (crab)
- 6.786BC projection (crab)
- Bearish Wolfe wave set up
- Trendline resistance
- Pitchfork resistance
- Unhit pivots below price
- RSI overbought
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Note
Bearish Wolfe wave on 15m TF:
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.