Possible head and shoulders forming on SPX500 after a rejection at a falling trendline. If the pattern completes, look for downside targets on the way to 1960.
Also note the increasing volume on the downside, indicating a bearish appetite, and decreasing volume on the upside.
Nice Gartley forming on Crude Oil at the moment. Credit to @Mr.Forex for finding this.
If the head and shoulders currently forming fails, this can be considered an option.
Also, RSI still has some steam left to it, and the Gartley fits nicely with a fibonacci channel.
PRZ from about 43.30 to 45.60. May be ...
Following a 2 legged correction from our previously achieved target, we're looking for trend continuation and a measured move higher.
A few things suggest a move higher:
1. Positive divergence on RSI
2. An oversold (5,3,3) Stochastic that is lower than the previous pullback
3. Two legged correction to the 0.5 ...
Nice confirmation today on the 4hr timeframe. It held the support area around 1.725, with a nice rejection candle, giving a wider bullish channel. Additionally, it completed a measured move at 1.803.
After today's move, we will be looking for a retracement, where support should be verified, and a long ...