Shoulder completing - symetry on A shape - bearish sentiment
Classic symmetrical shoulder retracement from Sept 18th rising from 1484 to 1536, back to current 1497 shows potential to consolidate in mid-upper 1480s first of Oct.
.5 fib from h/s formation would support at 1478. Further solid breakdown below mid 1480s shows a drop to 1450 range could develop rapidly over the following week, with a potential break below to 1415 or as far as 1380s while still maintaining overall bullish trajectory heading into Nov-Dec.
Sustained move over 1508 would tend to disrupt pattern and provide move to neutral outlook.
.5 fib from h/s formation would support at 1478. Further solid breakdown below mid 1480s shows a drop to 1450 range could develop rapidly over the following week, with a potential break below to 1415 or as far as 1380s while still maintaining overall bullish trajectory heading into Nov-Dec.
Sustained move over 1508 would tend to disrupt pattern and provide move to neutral outlook.
Comment:
Chart line followed to target, completing shoulder formation.