GCM3 completed a daily Bullish Butterfly and an intraday Bullish Crab at the 1543.7 level
- The ideal minimum retracement target for the daily Butterfly is 1642.7
- The intraday Bullish Crab has retraced it’s minimum target at 1572.1
- A Bearish Bat completion at 1600.6 will help the Crab retrace 78.6% AND will help price retest the X point of the daily Butterfly, this behaves like a magnet and important resistance test
- Currently 1575.8 is an important level to break or hold, if cannot hold above there, offers a short opportunity to retest 1543.7 with a scaling point at 1559.3, or to target to complete the daily Bullish Crab at 1471.8
- A hold above 1575.8 offers a long opportunity to the Bat PRZ 1600.6 with a scaling point at 1588.9
Previous DXM3 chart was in between two opposing patterns:
The brown Bearish Butterfly won, since then has retraced 127.2%, forming a new impulsive rotation
Currently price is in between 2 opposing emerging patterns, this is common when price is inside a range.
- Above 82.690 has important resistance test target 82.924
- Above 82.924 invalidates the green emerging Bullish Deep Crab and increases probability of completing the blue Bearish Bat, target 83.506
- Failure to break through 82.924 or breaks down 82.310 (this invalidates the Bat) has 81.931 target with scaling point 82.143.