1) Bullish Scenario
Mr Market retraced to 1.79898 (50% FIB), a close above 1.83188 and retest would expose 1.96392 (127% FIB)
2) Bearish Scenario
If Mr Market closes below 1.79898 support and retest he could significantly expose 1.70957 (127% FIB)
INVERSE H & $
Traditionally, you would trade the inverse head and shoulders by entering a long position when the price moves above the neckline. You would also place a stop-loss order (trade stop at a set point) just below the low point of the right shoulder.
An inverse Head and Shoulders (H&Si) pattern is a trend reversal chart pattern.The principle of the...