Inversely of my thinking in my previous post about the NZUSD, I'm now thinking that the NZUSD is continuing its journey to higher prices on the long term. The break trough the neckline on 0.70800 did not happen and from there it is now above its previous top (72983). The iSHS target(3) from the previous wave is 73352, and negative diversion on the RSI is clearly...
We all know how to calculate a possible target when a a SHS or iSHS appears with a horizontal neckline mirroring the top-neckline distance. What is less known however, is the fact that sloped necklines can also be very supporting. In that case you take the point of the bar connected to the neckline with the greatest distance to the Head. In my example you cannnot...
Key support to watch is going to be $199 if it breaks that then it will be heading much lower. My guess is the next support level will be around $187. The floor has been $187 so far and I will have a order ready to trigger for that. Just be cautious this could tern into a true bear market very fast.
Once the currency pair CAD/JPY retraces into the 85,76 level the bearish bat pattern will be completed and so the opportunity to short the market. This setup contains two fibonacci based target points and a stop loss point at the 1.08 extension of XA.
AUD is pushing high because OIL prices and probably will continue till April 17 (OPEC meeting), at that moment, this pair could form a SHS pattern and start a big move down.
Good for long positions in lower TF
Possible 123 trend reversal + possible inverse shoulder-head-shoulder formation => Entry @62.81 (123 trend reversal) and/or @ neckline of inverse shoulder-head-shoulder formation
Possible taget values: filling of open gap @65.43 and target value coming from (possible) inverse shoulder-head-shoulder @ around 70.00
Possible stop @ around 60.00 (support by EMA20,...
This EW count is a bearish argument for the ED Broken Arrow first wave down
This count also support my chart : One More Day But SP Still Looks MISERABLE At The End Of The Day showing a SHS in spe
and the chart: Last Call B4 Broken Arrow. (See links below).
I see the choppy moves are due to remaining bulls still buying the deep. Can't blame them - but playing...
SHS & Dead Cat Bounce
Most of the miserable history of the SP is told by the above chart but here a resumé:
A symmetrical SHS
Fib time zone adds to the overall picture of bearishness.
Shoulder, Head & Shoulder fits well with fib time zone and the cycle.
Trendline from top and the 61.8 retrace ending up in fib zone time 5
Neckline at the 2,070...
ON chart we can see forming littl SHS formation, alsow we can see at we are on resistance from chanel wich form from about three days ago. If price brekout and only if we get pullback and price hold that level we can click Buy button, if we get another scenery i will be out from this market. But if it work we can see Gbp/usd on + today
On chart I find nice trade entry on SHS formation. We see at head of formation are very long this is becuse we hit support zone and in higher time frame is looking like we have abcd patter alsow (bearish formation) entry as always we take on neck line for more agressive traders and for more conservative i would order to take position below neck line from 5 to 10...