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Tuesday, July 31, 2012 10:46:04 AM
AU 15 Minute Head and Shoulders Pattern
Kevin Lowry special here gang. This MT4 chart isn't completely accurate because it doesn't show all of the previous highs on the left side but Oanda does. Regardless though, the pattern is setup.
The right collar broke well below the left collar. We have a clearly defined head. The next move up should stop right at or near the 88.6 fib retrace just above 1.0530. That will set us up for a much larger decline. Normally, the decline wouldn't be big but since we tagged the top 4 hour trendline the sell off is potentially massive from that level.
Kevin Lowry special here gang. This MT4 chart isn't completely accurate because it doesn't show all of the previous highs on the left side but Oanda does. Regardless though, the pattern is setup.
The right collar broke well below the left collar. We have a clearly defined head. The next move up should stop right at or near the 88.6 fib retrace just above 1.0530. That will set us up for a much larger decline. Normally, the decline wouldn't be big but since we tagged the top 4 hour trendline the sell off is potentially massive from that level.
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