So far she looks to be following the chart I highlighted as a possible market path. Once price broke outside of the corrective channel, she head down towards the neckline.
Price broke through the neckline for (iii) and has sinced bounced to complete (iv). The channel down still looks intact. We will now have to see if (v) takes price back below the neckline again.
I'd say the H&S pattern I pointed out the other day is still in play. The bounce so far from last week appears to be a double zigzag/corrective. Price hit the 50% retracement level and has now broken out of the ascending channel.
Let's see what the market gives us tomorrow. The neckline below should be the first challenge at 1127. A break lower and we'll have to see if the H&S target will be met at 1110ish.
The last chart is one possible path I think we make if the count plays out.
Bingo. Exactly where I netted out on the count, too. Let's hope we're both brilliant! ha ha
ReplyDeleteThx John! GL! So far this am it is looking good.
ReplyDelete