I think there are important unfilled short orders at this area . strong price action coming to a halt shortly if my Bollinger band interpretation is correct .
Price has to turn up soon and move to the 10.00 area sell zone before it turns back down to trigger the main buy zone , if this does not happen idea becomes invalid .
will have to watch this to see if it plays out . I think the odds favor more downside to come .
H&S formation in the making . I personally like angled necklines rather than horizontal ones .
Short than long . Pivot point resistance , 0,618 retracement at neckline
Also H & S forming , left shoulder and head complete
Runs into trend line and .382 resistance .
Trend line support at 19.75 my one concern is the double top .
My chart is getting cluttered . Keeping it simple morphed .
I see price declining shortly .
Similar structure going back almost a year and up against lower trend line support .
Scenario ( 1 ) Central Banks have nothing left to offer to prop up economies reality starts to set in gradual decline . Scenario ( 2 ) Sovereign defaults , Major war , pandemic etc ......
Price continues the correction to the neck line before starting the measured up move 155 / 164 area .
Based on very similar price action and result last year
Going back to late April possible projection going forward .
Looking to complete ( c ) in the next 2 - 4 weeks than continue the next up Impulse .
A simple observation . Should know shortly if price reacts accordingly. Maybe only to the 1.35 level .