I'm thinking that if this H&S didn't have more follow through perhaps a long position is in order, using a trailing 1-bar stop entry...
EURJPY could be seeing an ABC correction possibly following the fork shown in the 2h chart. The middle chart shows a zone of two 0.5 retracement levels.
The daily is in the top left; two monthlies diagonally bottom left and top right, and an hourly bottom left. The pitchforks suggest a shorting opportunity. If the price takes out the dashed descending trend line it'd be good idea to get out.
A possible scenario for EURJPY? The pair could easily get stuck in a trading range for a while. It'd be nicer if the AB leg had more of a tripartite structure.
The chart I'm using to track the euro. It could be a useful frame of reference for the next while.
The EUR is showing some weakness that could last for a bit, and the AUD has probably bottomed.
USDCAD will probably see an automatic reaction of some kind after this buying climax.
In for a correction? It's just a scenario and probably wrong, but I find it hard to believe we're going to just breeze through five years of resistance.
Does it pass muster? The ABC correction at the start of 2013 is a bit out there, otherwise I think it's OK. If wave IV takes out 1.33072, which could easily happen, then the wave count would be invalidated.
Silver could still test the June lows, but it does seem the end of this bear market cannot be so very far off.
Time for a retracement? We need to see a failure on any retest of the top.
For those of you interested in Gartley patterns, I think I've found one.
I'm just presenting this for interest's sake. We're getting mixed signals on the euro as far as I can see. The Pitchfork certainly suggests a continued uptrend. There's a bullish setup in the MACD. All of this seems to argue against any down trend . Nor is the possible completion of the EW ABC correction being confirmed by the MACD. So I guess we wait and watch a...