- Monthly : Whilst not entirely obvious, I can just about make out a SHS bottom forming here. Parameters are : Bottom 75.30, Oct11 NL 84.80, Dec12 NL 83.00, Measured Objective around 92.50.
- Weekly : Watching for the break of the overhead resistance line just above 83.00 (= monthly SHS NL).
- Daily : Looks overbought so might have to wait a while market consolidates recent sharp gains.
- Trade : Just sitting on core long. Not time to increase unless 83.00 breaks on weekly closing basis. If this works, it will be a multi-month trade, so don't jump the gun. Be patient.
- Usually the nice and neat patterns are the ones that fail. The messy ones have a better chance of working.
1 comment:
Triple tops formed for USDJPY. This is a strong reversal pattern.
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