and i have also checked us dollar index , the bottom head-shoulder structure applies there. and that index has double head-shoulder structure , 3 shoulders, small head-shoulder in 1 shoulder , i think big move. i will put all money on shorting s&p or aud after his gu trade
Please don't put all your money on a trade. As for the head and shoulders, try to understand where it is happening, it is not in itself a trade setup. For example, I know some people that got trapped on this one and it was clear it wasn't going nowhere. As for this pair, I agree that may go lower, I'll reanalyse once it hits the bottom of the channel probably by the end of the weel. The next chart is not related, just a 4H timeframe head and shoulders that trapped many people.
i remember this chart acutally, last time i went long aud even during brexit, i hold the position , becoz the strong weekly reversal signal tell me it will just go up . for me the trendline no.1 ; support and resistence also the reversal point no.2 ; structure no.3; ema and other indicators no.4
and i think s&p has no reason to get higher , it stayed at top for years, and this august i saw a monthly pin bar, i sold all my stocks , and on september, just last week, it closed lower. so im also considering to short the s&p!