(4h) H&S - the neck // 2618 // Corrective Structure // IF=THEN ®

FX:EURAUD   Euro / Australian Dollar

Breaking the H&S neck, the price must find some support below and test previous structure.
If the price pull's back into the 61.8% retracement it can forge an 2618 trade setup, and that will give us a very nice trade that can sink the price around the weekly support or below it, close to the 224% extension from top to neck (@1.46000$);

Daily trend line broken (green line), the price should go test previous structure.
Inside the bearish correction channel, or wedge , or whatever ;), i expect a hit at extensions, between the 127% and 161% before an upward movement;

ABC corrective move or an AB=CD before some upside movement;

Point B:
38.2% to 61.8% XA
Point C:
127% to 141% ext XA
Point D:
78.6% XC
TP1 38.2% CD
TP2 61.8% CD

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