mikeoakster HamzaLeith
Hi, there! That does not seem to me as an inverted H&S, where shoulders should be inverted...
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HamzaLeith mikeoakster
Well, it is less obvious due to the broken bar and it still has to fully complete. It looks a lot like this one....
https://www.google.co.uk/search?q=inverse+head+and+shoulders&espv=2&biw=1366&bih=681&tbm=isch&imgil=VApSIbvwAEu8kM%253A%253B4EZsWA3mGHSYjM%253Bhttp%25253A%25252F%25252Fwww.investopedia.com%25252Funiversity%25252Fcharts%25252Fcharts2.asp&source=iu&pf=m&fir=VApSIbvwAEu8kM%253A%252C4EZsWA3mGHSYjM%252C_&usg=__tT3wYKb4RsIAAoUEX1zqLT2IuUw%3D&ved=0CDcQyjc&ei=O8CeVZrPJ4y07QbVx7uIBg#imgrc=UhKrfY6pyZa_UM%3A&usg=__tT3wYKb4RsIAAoUEX1zqLT2IuUw%3D
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mikeoakster HamzaLeith
I see now what you mean. :-)
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HamzaLeith mikeoakster
I don't like how symmetrical this looks, regardless of what it is called, these black lines could still be good guidance with regards to the direction. Since this is very much a correction, I still have a bearish bias in the long run, just saying that I will close the short position because I am in doubt, I will definitely re-enter once I have a good indication towards the downside. Better be careful than lose money right? Good luck mate
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I think that X wave is a triangle. We will not reach 1.0680-1,0700. In Your wave (c) i don't see impulse.
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This is my exact analysis of the scenario. The only difference is that I expect the movement to continue to the upside after bouncing from X on the red line
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HamzaLeith ShaharyarZafar
Thank you Shahrayar, I agree that that this pair's fait isnt decided yet, the move up from the beginning of the channel to 'W' could very much be a valid upwards impulsive move, it is my previous long term idea that made me publish this one. The correction towards the bottom of the channel is I believe a good opportunity either way, we will see.
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Instead of "W", could be "A", and instead of "X", could be"B", which would then point to a "C" wave touching the top of your channel. That in turn could be the end of the higher degree "B" (the end of the respective "A" would then correspond to the beginning of your channel), suggesting a final "C" wave correction towards a lower low. And after that, could resume the uptrend. Let's see.
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