The Shampoo referred to is the Head and Shoulders ( traders joke) and my attempt to win the prize for the worse headline on ForexFlow.
The neckline has finally broken and my short trade from 1.1877 is looking good for another leg lower. The neckline comes in at 1.1665/70. This and the big figure at 1.17 should cap price in the near term .
My first target is down around the 1.1430 level, which is the 38.2% of the last December low to the September 2017 high. The measured move for the pattern is 1.1250. Big targets 400+ pips lower from present levels. I would normally resist the urge to say rinse and repeat between targets, but it is Friday .
Original chart showing entry below .
- Silver – This weeks shining star, as predicted by ForexFlow - July 19, 2019
- 新年快乐 财源滚滚 大吉大利 A Happy wealthy healthy New Year to all our Chinese friends - February 4, 2019
- Gold and Silver – Glittering prizes? - January 28, 2019