With the current Greek referendum looking like a "no" vote and continuation of it's dire economic outlook, it's very likely that this pair will drop significantly breaking out of it's current pattern. In my post on this pair last week, I projected that it was possible that there was yet another leg up within this . But it's possible that it will break out this week and resume it's major downtrend. If so, here are two possible patterns to CONSIDER.
It is way too early to call these patterns and that's not what I'm doing here. Only giving a possible scenario should prices break down. It's possible that there will be a large gap down to reflect the result of the referendum which could possibly fill the and then prices may head back up to fill the resultant gap, retest the lower boundary of the and then head down again to fill the .
As a reminder though. I don't take positions until the actual completion of the patterns as I don't "speculate" as to the direction of the market. I only trade what I see.. The 60+% positive result of these patterns only apply when they are actually completed. So don't ask should you go short because I'm thinking prices might go down to fill the CD leg of the patterns. What you do is entirely up to you.
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