The foundation is in place for a potential inverse head and shoulder pattern.
Ideally price penetrates the neckline/.5 yearly fib to take out that June 2016 high (89.90) before selling off to close below this area with some sort of deceleration/reversal candle. This would form a higher high that could then send us down to form a right shoulder near that major trend line around 60.00...
Opportunities I see:
1. I'm looking to short a nice high at the neckline area and then ride that into the formation of the right shoulder near 60.00
2. I'll then go long on a nice low that established the right shoulder and ride that to the upside (ideal target is yearly .786 fib @ 113.73)
Ideally price penetrates the neckline/.5 yearly fib to take out that June 2016 high (89.90) before selling off to close below this area with some sort of deceleration/reversal candle. This would form a higher high that could then send us down to form a right shoulder near that major trend line around 60.00...
Opportunities I see:
1. I'm looking to short a nice high at the neckline area and then ride that into the formation of the right shoulder near 60.00
2. I'll then go long on a nice low that established the right shoulder and ride that to the upside (ideal target is yearly .786 fib @ 113.73)