Replies to post #10547 on 123Tom's TA study group

[Sendme]

I do try to put fibs and ABC patterns on the charts and then see if they match up with any other levels. Occasionally I do put the Ichimoku cloud on it as well.

As far as the Elliott wave stuff, I studied it a bit and came out scratching my head. LOL But I did learn that a good wave 3 can be very powerful and then to be careful to look out for the pullback but know that a wave 5 is likely to follow. And the second thing I took away from it was that a wave can consolidate sideways instead of down or up.

So I was thinking that we could see a wave 5 up into the swing highs.




I do like to look for the ABC patterns as well, especially the .618 to 1.618 patterns.

And also one of my price targets on a trend line break out is a target back to where the trend line first started.



Once price makes a break above a swing high, I do like to put on the fibs and then look for that 1.618 for a target.

Also plays into the harmonic patterns.

This one would be the Crab pattern.
https://www.profitf.com/articles/forex-education/harmonic-pattern-crab/



But one thing I have noticed about this market is that the Crab pattern tends to extend to the 1.9 to 2.0 before it completes.