Currently we are in a head and shoulders in the making with bearsih divergence and decreasing buy volume on each peak
Now if this hns matures I believe 0.3 is a logical spot for a right shoulder for a ihns it will be along the trend line and the area seems to have been a significant point horizontal S/R which coincides with .786 fib as well. Traditional SL of playing a HNS would be to use the head as a SL, but in this case that would be too Large for me to risk so ill wave for confirmation and sell if the trend line breaks. In addition it may also be the start of wave 3.
I'm looking for other bullish elevating factors as it reaches this spot such as a bullish divergence and a wedge pattern.
This may possibly reaching its fully realized target ( based on height of head) of 2.2.
Now if this hns matures I believe 0.3 is a logical spot for a right shoulder for a ihns it will be along the trend line and the area seems to have been a significant point horizontal S/R which coincides with .786 fib as well. Traditional SL of playing a HNS would be to use the head as a SL, but in this case that would be too Large for me to risk so ill wave for confirmation and sell if the trend line breaks. In addition it may also be the start of wave 3.
I'm looking for other bullish elevating factors as it reaches this spot such as a bullish divergence and a wedge pattern.
This may possibly reaching its fully realized target ( based on height of head) of 2.2.
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Looks my original thesis is starting to play out resting on support
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starting to look like an interesting time to buy
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three white soldiers!
it has not been able to close below .715 for the past 7 weeks with wicks gradualy getting higher.
A 4 hr heiken ashi macd cross over suggests an entry at .73 ish