HEAD and SHOULDERS
1) We can see the price has been consolidating for the day around a major price level of 109.800 which means we wait and see what the market decides
2) If the 109.800 resistance holds then expect the price to go bearish completing the right shoulder (RS) to 108.800
3) If the 109.800 resistance does not hold then expect the price to continue with the overall bullish trend to about 111.100
What options do we have:
1) Wait for clear confirmation of market direction and then enter bullish or bearish
2) If the market continues to consolidate over the next few days then place pending order (sell stop/buy stop) above or below the high and low of consolidation zone
3) If price goes bearish then set first TP above 108.800 and wait for neckline break to enter bearish again to about 106.000
4) If price goes bullish then set TP at about 111.000
2) If the 109.800 resistance holds then expect the price to go bearish completing the right shoulder (RS) to 108.800
3) If the 109.800 resistance does not hold then expect the price to continue with the overall bullish trend to about 111.100
What options do we have:
1) Wait for clear confirmation of market direction and then enter bullish or bearish
2) If the market continues to consolidate over the next few days then place pending order (sell stop/buy stop) above or below the high and low of consolidation zone
3) If price goes bearish then set first TP above 108.800 and wait for neckline break to enter bearish again to about 106.000
4) If price goes bullish then set TP at about 111.000
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