Retesting Broken Neckline and Weekly PP With Trading Opportunity
After breaking the neckline of the inverted H&S pattern with a gap
price has come back down to fill the gap and test the break out level.
Note that the SMA200 held resistance as well. The 61,8 fib of the CD leg
of the ABCD pattern is now support in confluence with the Weekly Pivot
point that was just traded. For a bullish bias, this is a good point to go long,
if support hold up. The weekly pp been tested, as well as the necklin and
the gap has been filled. Good to go?
Upward target: D-level at 1.0973 and above that the 127 extension at
approx 1.11 and an ultimate target (head/Neckline) at the Aug 18, 2016 high
at 1.1370 which is just above the Yearly R1. Thus the target in practicality
is the Yearly R1 at 1,1305 with some space for a spike ,
A daily close below 1.0760 wll pause the bullish prospects until another close
above the neckline is seen.
price has come back down to fill the gap and test the break out level.
Note that the SMA200 held resistance as well. The 61,8 fib of the CD leg
of the ABCD pattern is now support in confluence with the Weekly Pivot
point that was just traded. For a bullish bias, this is a good point to go long,
if support hold up. The weekly pp been tested, as well as the necklin and
the gap has been filled. Good to go?
Upward target: D-level at 1.0973 and above that the 127 extension at
approx 1.11 and an ultimate target (head/Neckline) at the Aug 18, 2016 high
at 1.1370 which is just above the Yearly R1. Thus the target in practicality
is the Yearly R1 at 1,1305 with some space for a spike ,
A daily close below 1.0760 wll pause the bullish prospects until another close
above the neckline is seen.