Reasons for TP of 23.0: - Bearis head and shoulders formation. - 38.2% Fib retracement from March 2020 bull run. - Dual pivot of Daily P and weekly R2 - Recent parabolic uptrend unlikely to have reached full retracement - Demand level here to be potentially retested
Reasons for stoploss and invalidation: - DXY trending downwards. - Covid market uncertainty and recent increased awareness and demand for hedge against economic recession. - Breaking of 29.5 will likely result in higher highs. - 1H and 1D ichimoku indicators are bullish.
The pattern is not comfirmed, don't interpret it as confirmation without neck line break.
Lionheart10
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@GodziBear, You are correct on this. Just wanted to postulate a potential scenario that may play out next week. A standard short entry would indeed be the retest of the neckline once it breaks.
GodziBear
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@Lionheart10, Write potential when is not confirmed, you will be surprise who many poeple could take it as a go for them. Have a good day friend..and trade safty, enjoy.