xauusd head and shoulders forming
Looks like a potential head and shoulder forming with good symmetry on the right should being set up for a Monday opening in the current 1424-6 range. Only question is the giant head divot that looks pretty mean. Shoulders and pits aligned with yellow trend lines.
If the hourly trend starts falling down the right shoulder Monday or Tuesday it could be a pretty fast return toward 1500, a fib retrace down to .33 from the pattern formation.
This would likely lead to a return to the .5 at ~1480 arm with a reasonable target of .38 retrace of early August breakout to 1450, to close the formation.
Or perhaps, it will trend onward and upward, stopping out my late Friday shorts.
If the hourly trend starts falling down the right shoulder Monday or Tuesday it could be a pretty fast return toward 1500, a fib retrace down to .33 from the pattern formation.
This would likely lead to a return to the .5 at ~1480 arm with a reasonable target of .38 retrace of early August breakout to 1450, to close the formation.
Or perhaps, it will trend onward and upward, stopping out my late Friday shorts.
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