2 year congestion about to break (?), sentiment is very bearish right now... time for upside break continuation?? 8 ema intact and we have had a decent energy pullback. My bias is for longs until Mas break down.
Good analog here re '99-02 suggests the USD is may not yet be done despite the hubris around Gold and Silver. We are at a key inflection point, upsloper needs to hold for USD bull market to persist and if it does it is likely the market tries to test 2001-02 highs.
“History doesn't repeat itself but it often rhymes,” Mark Twain
9yr H&S consolidation with good down sloper median respect, looking for a break of the neckline to further confirm the move.
Initial Tgt 1.35
Secondary Tgt 1.10
Trade is negated on a break and close of the ML downsloper.
H&S has failed but structure is still to the top side (hl's hh's), bias is for upside continuation to 760 with a stop below 660 swing low (if aggressive can dial up RR using a median line stop), if 660 is given would favour a broader double top formation and usdclp for lower.
For now weekly Mas are supporting price action.
But remember, anything can happen! :)
Long term top looks to be in place for NVIDIA, once the darling of crypto mining.. (might this signal material weakness to follow in BTC?)... Caution AMD also, should follow suit if NVDA breaks. Initial target would be 60 thought plently of fresh air below.
My long term bias here is that we have seen the last hurrah before market finally rolls over, there are still many bulls from 2017 looking to accumulate but i fear this market has to die away at least for 2/3 years in a final shake out... maybe of longer term interest 2022+. Meantime look for short plays
EM investor Franklin Templeton exhibiting a 8yr H&S top, neck has broken and is now retested, good low risk entry region here for target 12.50 low with a stop above the 35.82 high. Prospective RR at 8+