Make your decision - we're at 9850$

2019年7月23日

Howdy folks,

Let's step out a bit from long-term suggestions and focus on our tactical setup that we have. Yesterday we've discussed reverse H&S pattern on 4H chart and now it comes to culmination point.
Right arm's bottom is almost completed. Thus, if you plan to go long - that's your point where you have to make a decision.

On 1H chart we could see the whole process of appearing of right arm. Market is forming perfect AB=CD pattern which agrees with major 5/8 Fib support. CD leg could be finalized by puny butterfly "Buy".
What else do we need?

Bottom of the right arm is very informative point. Market has to turn up there to keep up with H&S or, downside continuation, tending to the bottom of the head will tell us that H&S is failing and we should reverse position.
This is classic setup for trading any H&S.


That's being said, for bulls - take long position around 9850$. If no signs of upside reversal happen and price continues downward action to 9400-9500 - reverse position down. Bears should wait the same.