STRONG "HEADED" REVERSAL COOKING UP?? - UCAD
Here I have USD/CAD on the 1 Hr Chart!!
Price attempted a BULLISH BREAK of the Falling Resistance but was quickly halted and retuned to the Low created before the MASSIVE PUMP!
Now on closer examination, price seems to have a underlaying Reversal Pattern beginning to take "Face".
A HEAD AND SHOULDERS PATTERN!!
Now with our "Neckline" @ 1.36567 being confirmed after the formation of the First Shoulder and Head, we can expect to see 1 last attempt at a HIGH!!
This HIGH I believe will be at the Same level as the First Shoulder, forming the Second, which will be CONFIRMATION OF PATTERN!! Then, upon arrival back at the Neckline, we will be looking for SELLING OPPORTUNITIES!!
**IF Price BREAKS & CLOSES ABOVE the First Shoulder @ 1.36984, Pattern is INVALIDATED!!
First Profit Target Zone will be at the SUPPORT ZONE @ ( 1.3627 - 1.3600 ) Range
Price attempted a BULLISH BREAK of the Falling Resistance but was quickly halted and retuned to the Low created before the MASSIVE PUMP!
Now on closer examination, price seems to have a underlaying Reversal Pattern beginning to take "Face".
A HEAD AND SHOULDERS PATTERN!!
Now with our "Neckline" @ 1.36567 being confirmed after the formation of the First Shoulder and Head, we can expect to see 1 last attempt at a HIGH!!
This HIGH I believe will be at the Same level as the First Shoulder, forming the Second, which will be CONFIRMATION OF PATTERN!! Then, upon arrival back at the Neckline, we will be looking for SELLING OPPORTUNITIES!!
**IF Price BREAKS & CLOSES ABOVE the First Shoulder @ 1.36984, Pattern is INVALIDATED!!
First Profit Target Zone will be at the SUPPORT ZONE @ ( 1.3627 - 1.3600 ) Range
I expected we will see a rise in Price up to the Resistance Zone and Tip of "Left Shoulder" to confirm a LOWER HIGH letting us know price is preparing to FALL!!
Get Ready for Sell Opportunities!!