Wednesday, 11 January 2017

#AUDNZD dual bullish inverse Head & Shoulders setting up? Targeting 20% rally

Weekly chart shows dual bullish inverse Head & Shoulders patterns, by which I mean a little one setting up as the shoulder of a larger one. A break up through the neckline of the small h & s would target the neckline of the large H & S, and a break up through the larger pattern's neckline would target 1.26, a 20% rally from current levels. Target for an inverse head and shoulders is calculated by calculating distance from the neckline to the extreme of the head, and adding that distance to the level of the neckline.



Daily chart shows the Elliott Wave count and this week's break up through trend line resistance. If (if) blue wave 3 is truly underway this market should go nearly vertical from now for several weeks, similar to the wave 3 on left of chart.





No comments:

Post a Comment