Reminder: We had yesterday a large green daily candle which crossed upwards the 200 DMA above the 50% Fib of our probable pattern (from 2016/02/11 to 2016/06/09 - green Fib - Daily chart) - see previous posts. What could be unfolding today is a classical phenomenon in complex systems, namely a Scale Invariance. The right shoulder of our inverted H&S is itself an inverted H&S, on a smaller scale (i.e. hour chart). Its neck line would be the 41.89% Fib of the larger scale (green Fib - Daily chart) Completion of the small scale H&S would add to the probability of seeing the larger pattern (daily chart) to be completed. As far as we don't go below the 50% / 61.8% Fib of this small scale pattern (hour chart - blue Fib), it remains valid.
Comments
Bakou
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Oops !
Read 38.2 % green Fib instead of 41.89%.
$ 41.89 is the price of this 38.2 %
Sorry
Read 38.2 % green Fib instead of 41.89%.
$ 41.89 is the price of this 38.2 %
Sorry