Yet another beautiful opportunity with a head and shoulder pattern in formation.
Price formed a key low at support during February which lined up nicely with the bear cycle count targets. Since then price has rallied up from that low and is now approaching the .618 fib and 200 day moving average cluster, which is the perfect spot for a right shoulder.
I'd like to see price penetrate this area on a monthly and quarterly level with a high-test and ideally a topping pattern on the daily and weekly. If that does occur i'll jump in and ride the trade down to retest the August '12 low around $1.16
For more in depth analysis on this trade and others checkout my site, PatsTrades. Link is in my profile status box.
Thanks!
Price formed a key low at support during February which lined up nicely with the bear cycle count targets. Since then price has rallied up from that low and is now approaching the .618 fib and 200 day moving average cluster, which is the perfect spot for a right shoulder.
I'd like to see price penetrate this area on a monthly and quarterly level with a high-test and ideally a topping pattern on the daily and weekly. If that does occur i'll jump in and ride the trade down to retest the August '12 low around $1.16
For more in depth analysis on this trade and others checkout my site, PatsTrades. Link is in my profile status box.
Thanks!
