Price has made an inverse head on shoulders pattern & closed above the neckline to finish off last week. This upcoming week, I am looking for price to retest the broken neckline resistance, as new support for price to resume higher into resistance & complete the pattern. Price is in a strong uptrend as well, which makes this pattern more powerful ..
a couple of things going on
about to test long term downtrend trendline - If broken we will moon
possible IHNS forming - too early to call
a possible triangle formed about to breakout
so accumulating with wide entry range & gonna hold it for a while
Inverse head on shoulders pattern playing out nicely, watching for a break of 1.54 neckline area for a continuation.. Watch for break of the counter trendline as well
Pullback just about complete, along with the inverse head & shoulders pattern I had mentioned earlier. Now price Is sitting on daily support, creating its higher low & now may be looking to form a new high & now as an uptrend.
Price made a strong move & broke above its downtrend line, now looking for entry on the retest of the 38.2%/50% fibonacci level for buy opportunities. If you take a closer look the retest could form a nice inverse H&S pattern, showing great confirmation! : )
Trade safe!
Price now making another rejection to 1.20800-1.21000 weekly resistance, & looks to be making a potential double top' after completing its inverse Head on shoulders pattern. If this level of resistance continues to hold, I will be looking for a deeper retracement on this pair..
Inverse head on shoulders broke out of its weekly downtrend holding since 2015. Price broke its neckline came back to retest & now looking to see if we can get a hammer close to support. Elliot wave potential swing trade lets see how it plays out !
Inverse head on shoulders pattern potentially on the cards, a bit more of a retrace for the US dollar is expected for now to complete the right shoulder at the neckline (Yellow rectangle). Important USD news coming up this week ahead could bring some potential strength back to the dollar
