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H & S

 
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kjaywag

H & S

Big head and shoulders setting up in 1 day.

Wed, 09/20/2017 - 8:31pm
 
triguylm1

Finance professionals and Euro policy is still indicating bullish trend. Please let the market decide which direction to go.

 
hakchinoy

I've been monitoring that potential pattern since last week, and it looks like a busted pattern at this point (due to EUR bullishness [as tri mentioned earlier]). Another thing to keep in mind is that many potential H&S patterns that form on Fridays (especially off H4 or higher) tend to bust--provided they don't haven't started breaking down/up by (or around) the London open. Yet, I occasionally have seen a few H&S patterns (off H4 or higher) form--and complete--on Fridays; those started breaking down/up around the NY open.

 
hakchinoy

.

 
triguylm1

Also, look to the first week in Oct. before making a decision for long term. 3rd Quarter reports carry a lot of market sentiment.

 
hakchinoy

First week of October is too far from now to impact the technicals off D1 (today or next week).

 
jldavid

The EURUSD has completed a head and shoulders formation on the daily chart with the solid close below the neckline on Friday. Eventual target is in the 1.1233 area. If you believe in this kind of analysis the short signal has been generated. If you don't then it's just blips on a chart.

EURUSD Head and Shoulders.JPG
 
jldavid

Oh, and for those of you who have sharp eyes, there was a second H&S that completed on 9/27. The target on that one was in the area of Friday's low so perhaps the next move is to the upside but I would expect resistance at the neckline. Since I also look at these markets from an Elliott Wave perspective, I would say the pattern in not broken unless the EURUSD gets above 1.1725. YMMV.

 
triguylm1

Also note the weekly chart shows bullish sentiment.