USDCHF H4 Broadening Top patterns & Short Setup
SHORT USDCHF @ 0.99
SL @ 0.992 (20 Pips)
TP @ 0.978 (120 Pips)
RR: 6, SWING Setup!
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Ominous portents. Broadening top in September led to the microcrash in October and US Equities have been struggling since.
November usually one of the best months for stocks, has only been a down month in 3 years of past 20; those were in Bear Markets...
Some very fine textbook chart formations appearing over past few months. The Zig-Zag Correction has led to...
The Broadening Top pattern forms when the price progressively makes higher highs (1, 3) and lower lows (2, 4) following two widening trend lines. The price is expected to move up or down past the pattern depending on which line is broken first. A bit of a toss up since the broadening top formation appears much more frequently at tops than at bottoms, and therefore...
FTSE 100 Index on the weekly chart has formed a bearish engulfing candlestick pattern at the top end of broadening triangle. The mentioned pattern requires confirmation in form of a lower weekly close. The immediate downside support is at 7120 level. A breach of this level will lead to a failed breakout in the index and it may head lower towards 6700 - 6600 level....
Breakout has not occured yet but for upward breakout, target price is 17.31 and downward breakout's target price is 12.44. Currently, it looks to be best setup for an upward breakout. Swing traders can short now if they want the intraformation trade and buy when it shows the reversal.