SIE: Potential head & shoulders formation for -12%
Updated
SIE is potentially forming the right shoulder of a head and shoulder formation which topped out at 61.8% of the previous ABCD down move to 100 in Apr'18. The Donald is gunning for Germany and global trade, this can't be too good for SIE. If you see what happened to GE, this could happen to SIE considering they are in the same business. Neckline is at 116 with the a potential downside target to 100, -12% move. Potentially we might see an overshoot to 95, which would link this down move to the previous ABCD for a 135 pattern. Only question is if do you want for the neck line to get broken or take a small flyer at current prices?
Trade closed: stop reached
Thesis invalidated.
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