Watching the fib retrace area for a high that would establish the right shoulder within the monthly head and shoulder pattern.
Quarterly bull cycle counts point towards a high during Q1 '18 which aligns with the monthly target of February '18. My trading account would welcome an earlier high with open arms but it's entirely up to the market.
Ideally I'd be able to hop in around $160-$161 after a rejection of that fib area and then ride the move down to my first target at $128 (2013 low). I'll probably take profit there and then go long back to the neckline of this pattern before the next move down to $89 (2000 major low). We still have awhile before we see price prepare to turn so this is a watch and wait.
My target reward:risk ratio is at least 5-6:1, again that depends on what price action appears.
I'll publish a more detailed plan as well as my entry if/when that time comes.
For more in depth analysis on this trade and others checkout my site, PatsTrades. Link is in my profile status box.