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EUR/JPY has two kinds of technical pattern right now.
1 triangle breakdown however stop at the Good Support
2 IH&S neckline already broken and reversed down into the triangle
from my view point of wave analysis, ABCDE correction within a larger triangle
is still effective. Then IH&S neckline will be boken once more.
Even if the Good Support will be breakdown, its downtrend will be at IH&S's LS & RS line
Nikita FX ( http://climbingfx.jugem.jp/ )
1 triangle breakdown however stop at the Good Support
2 IH&S neckline already broken and reversed down into the triangle
from my view point of wave analysis, ABCDE correction within a larger triangle
is still effective. Then IH&S neckline will be boken once more.
Even if the Good Support will be breakdown, its downtrend will be at IH&S's LS & RS line
Nikita FX ( http://climbingfx.jugem.jp/ )
isomorph
also, this is the 5th leg inside the triangle and breakout usually occurs soon thereafter (sometimes 6th but you know what i mean). so double top points down and with 5th leg, i will be looking for entries to play the downside.
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isomorph
the H&S you're pointing out is tentative at best. much more important IMHO is the double top. if it pans out, price will go to 137 levels in short order.
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