Large Head & Shoulders Pattern in play w Target 1,69
A descent looking Head and Shoulder formation has been triggered
by the break and close below the neckline. An attempt
to break back above it has failed and price has returned
back down and taken out the HS at 1,8125. Another bounce
today at previous (neckline) low and Weekly PS1 (and 76,4
fib of CD leg). Next support this week/month comes in at
Pivot confluence 1,7880 then Completion of large ABCD
at 1,7750 level. If ideal downard move will play out and
PA is not to fast to the downside, the D point will be excellent
level to play a bounce w minimum target 1,8160 for CD leg
and 1,83 for the whole ABCD pattern. IF PA is fast it may
imply an extended D point towards 1,7460/1,7085, which
would fit better with the H & S pattern. At current level shorts
are interesting from 1,8125 or a break and close of the
1,80 support level.
by the break and close below the neckline. An attempt
to break back above it has failed and price has returned
back down and taken out the HS at 1,8125. Another bounce
today at previous (neckline) low and Weekly PS1 (and 76,4
fib of CD leg). Next support this week/month comes in at
Pivot confluence 1,7880 then Completion of large ABCD
at 1,7750 level. If ideal downard move will play out and
PA is not to fast to the downside, the D point will be excellent
level to play a bounce w minimum target 1,8160 for CD leg
and 1,83 for the whole ABCD pattern. IF PA is fast it may
imply an extended D point towards 1,7460/1,7085, which
would fit better with the H & S pattern. At current level shorts
are interesting from 1,8125 or a break and close of the
1,80 support level.