Been looking at 2 potential trading opportunities setting up the past few weeks on NZDUSD 4H. The smaller Bat pattern with X @ 0.7200 has just broken the B point previous structure high, indicating we are likely to extend upwards - hopefully towards our entry at @ 0.7180 expecting a move down trading multiple target levels.
Looking at the larger Cypher pattern X @ 0.7310 I wouldn't expect this to complete this week, but perhaps early next week. However, given the overall bearish momentum, I am not expecting this to stay valid for much longer.
Of course though, we don't trade on what we think, we trade what we see. Keep an eye out on these opportunities!
For me, this isn't a valid Cypher. If you look closely at the A-B leg, it is created in the same candle. For me this doesn't count as a retracement. HOWEVER, if this is something you trade, and that you've tested, then by all means trade it!