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Thursday, August 29, 2013 11:48:55 PM
GU 4 Hour Chart
Ok, now the closer view. We have a picture perfect Lowry head and shoulders pattern in play here.
Last large drop went below the previous low. Then we got a sharp retrace that came back up to just above the 88.6 retrace and completed a bearish Goodman matrix...basically a big ABC bounce.
Potential sell off of this pattern alone calls for a hit at 1.477 first and then a follow up target of 1.4188.
But GU, based on the triangle breakdown, actually has a target of 1.20 on the lowside from these levels. Dat's a lot of pips my friend...LOL!
Ok, now the closer view. We have a picture perfect Lowry head and shoulders pattern in play here.
Last large drop went below the previous low. Then we got a sharp retrace that came back up to just above the 88.6 retrace and completed a bearish Goodman matrix...basically a big ABC bounce.
Potential sell off of this pattern alone calls for a hit at 1.477 first and then a follow up target of 1.4188.
But GU, based on the triangle breakdown, actually has a target of 1.20 on the lowside from these levels. Dat's a lot of pips my friend...LOL!
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