- We've formed a pretty clean pattern right at the top of a multiyear .
- This pattern is strengthened by a break of the from July, but will be confirmed by a break of the neck line at 1.59. This also happens to be the 0.236 from the July rally.
- If this follows through, my targets are the 0.382 & 0.618 retracements depending on how fundamental factors play into continuation to the downside. Both of these levels fit quite well into previous important .
- There is a decent chance of this correcting back up to 1.61-1.612 before continuing downward, but I'll look to sell any rallies.