Fib Analysis & Head n shoulder pattern : Potential Long

2 juil. 2019

Looking at chart with technical point of view , lets start analysing Previous swing 03 may / 17 june .

Swing low is based on 1.25 price zone from where we observed pull back which was restricted to 0.38 retracement where it has found strong resistance ,

Analysing wave from swing low to 0.38 retracement : Adding fib ratio to smaller 0.382 retracement wave we can see that price has found strong support @ 0.618 retracement and currently sitting at decision point ,

There is potential head and shoulder formation forming in chart , along with fib ratio our case of potential long opportunity becomes stronger,

We are long continuation from here towards 1.28 zone , with good expectation that price may move above 0.38 retracement and continue higher , In case price breaks below we will looking sell with target 1.25 which is 100% retracement of current leg.

6 juil. 2019

Note

as anticipated on break below our target hit @ 1.25 ,