This is an idea for the upcoming week.
CADCHF was in an uptrend making higher lows and higher highs and we had multiple waves in this trend. We then hit a resistance/flip zone at the 0.7440 zone. Where the trend began to exhaust. I am watching this 0.7390 zone because it is the higher low swing we are playing with and by definition, as long as we remain above this higher low swing, we are in an uptrend.
I am hoping to see a head and shoulders pattern which shows us a shift from one trend to another. In this case, our first lower high would be confirmed with this break and close below 0.7390 and confirming a head and shoulders pattern.
Our target would be the 0.7340 zone.
CADCHF was in an uptrend making higher lows and higher highs and we had multiple waves in this trend. We then hit a resistance/flip zone at the 0.7440 zone. Where the trend began to exhaust. I am watching this 0.7390 zone because it is the higher low swing we are playing with and by definition, as long as we remain above this higher low swing, we are in an uptrend.
I am hoping to see a head and shoulders pattern which shows us a shift from one trend to another. In this case, our first lower high would be confirmed with this break and close below 0.7390 and confirming a head and shoulders pattern.
Our target would be the 0.7340 zone.
