I’m still assuming it's finishing the C wave of an ABC correction where the A wave was 591 pips from 1.1876 to 1.2467. At 1.2738, the C wave is essentially equal to the A wave (exact would be 1.2743). If it continues to extend beyond this level, it could reach 1.3108 which would be 1.618 times the length of A. If one looks at the price behavior since Friday as a bull flag, the price target would be about 1.3150. Hmmph. That would be nice.
Here's the three-hour chart:
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looking at the daily chart a very nice reverse head and shoulders pattern appears to have developed. If we can close above current highs the target should be above 134
ReplyDeleteThanks for commenting. Yes, I noticed the formation and I've commented on it in today's post. One can hope but I'm not sure this is really going to play out as a H&S. We'll see.
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