I am quite a novice... Please don't use my analysis for anything other than brainstorming possibilities.
That being said, I see we previously formed a weak head and shoulders with an ascending line and pursued to meet its target. Now, it appears to me that we are forming an inverse head and shoulders, again weakly, as it has a descending neckline.
Additionally, we appear to be right on the edge of a descending trend. We've poked our heads through a few times, but are currently stuck under once again. I would guess that if we can close above the descending trend and complete the right shoulder on the inverse HS, we should hit our target, which coincidentally is right near the 0.382 Fib line.
That being said, I see we previously formed a weak head and shoulders with an ascending line and pursued to meet its target. Now, it appears to me that we are forming an inverse head and shoulders, again weakly, as it has a descending neckline.
Additionally, we appear to be right on the edge of a descending trend. We've poked our heads through a few times, but are currently stuck under once again. I would guess that if we can close above the descending trend and complete the right shoulder on the inverse HS, we should hit our target, which coincidentally is right near the 0.382 Fib line.
Trade closed: target reached:
Maybe I should believe in myself! :P