Fib extension of the corrective (beta) wave following H&S Reversal first (alpha) wave gives a Fib target of 1.1212 (delta) (2.618 extension as 1.618 looks decidedly shallow based on wave1's length).
Most likely resistance at the EMA800H4 level which coincides with 1.1145 Historical resistance which may cap the ...
Based on the Fib extensions of the upward trend, target 1.692, the 1.618 extension of the recent fall. If you're feeling bold then go for the 2.618 target though there's only been one 2.618 movement, Sept-Oct last year
The pair is back within the rising wedge again though likely capped by the descending green trendline. The pair will probably hug the lower cone uptrend rather than proceed directly (and conveniently for us!) to the green line so buy the dips!
Been trying to make something of this formation for a few days and finally settled on H&S, albeit not an obvious one.
Neckline around 139.28 which also happens to be a historical /R level, makinf last week's rally a possible re-test of the neckline which is fairly common. Assuming the neckline holds the short ...
But which way? Breaking upward requires busting two trendlines - (A) and (C), breaking down requires breaking one and historically there have been large downward movements after hitting trendline (A) which has just had a third confirmation 5 or so weeks ago from the rebound.
Despite the general upward momentum ...
GU is at the top of its 8-week or so range providing nice potential to short downwards, perhaps all the way to the bottom at the fib 0.236 level some 300+ pips lower over the next couple of weeks.
If GU hits 1.6250 consider opening a short position.