I have not exactly come across any thread on harmonic patterns so (being a fan), I thought I should start one.
The shot is my take on where price might head to. Region covered by the green lines is the “PRZ”. Trend lines are in the confluence with the region which enhances my bias. The thin trend line was drawn using Close of lows on 1-Hour time frame.
If a reversal bar forms (on 1 hour time frame) immediately after the long bearish bar, I will go long with SL of 30 to 40 pips. Target at C; drawing Fibonacci retracement tools from “A” to “D” (that is if eventually D forms) and “C” to “D” gives cluster which could be possible levels that can stop price from getting to “C”.
Any contra-opinion is most welcome.