- As discussed in my previous analysis on gold I believe an inverse H + S Bullish Reversal pattern is forming within a larger Descending Wedge continuation pattern here:
** Typically to calculate a target for such a pattern you would subtract the price of the neckline level from the low that the "head" of the pattern formed.
**You would then add this price to the breakout level
As such:
Neckline = ~ 1510
Low of "head" = ~ 1460
Breakout level (yet to be confirmed) = ~1510
> Neckline - Low of head = 1510 - 1460
=> $50
> Breakout level + $50 = 1510 + 50
=> ~ $1560 TARGET
** Typically to calculate a target for such a pattern you would subtract the price of the neckline level from the low that the "head" of the pattern formed.
**You would then add this price to the breakout level
As such:
Neckline = ~ 1510
Low of "head" = ~ 1460
Breakout level (yet to be confirmed) = ~1510
> Neckline - Low of head = 1510 - 1460
=> $50
> Breakout level + $50 = 1510 + 50
=> ~ $1560 TARGET