I thought it might be interesting to share two harmonic patterns that can be clearly seen in PEK to add on to the interesting and useful charts already posted today in weekend charting.
Here is the chart showing the harmonic patterns in PEK:
Firstly. there is a clear gartley butterfly in PEK, which is marked with its two wings shaded in pink- this harmonic pattern has been completed when price touched a cluster formed by the confluence of two fibonacci projections 2BC and 1.27XA - targeting 0.84 cents. Even though this pattern has been completed, price has continued somewhat further and not pulled back as yet...and appears to be moving within the second harmonic pattern.
The second harmonic pattern is formed by the larger AB=CD leg which is pretty near to the fibonacci projection of 2BC, targeting the range of 1.03 to 1.10 in the future. This is marked on the chart.
For those who uses pitchforks and action/reaction lines, any confluence of median lines etc falling within the convergence zone of the harmonic patterns will add more credence and significance of the harmonic pattern being the turning point for a change in trend. So you can try to plot your pitchforks and see whether they fall on or near to the completion points of the harmonic patterns to make them significant potential turning points.
Have fun with harmonic patterns, and trade well, trade safe.
