Finally! After many fits and starts, we’re finally getting some follow through on the downturn we’ve been expecting. There shouldn’t be any question about the H&S Patterns, now. Our forecast from Aug 12 [see: Major Channels]:
Look for the smallest Crab Pattern to complete at 1673 for starters. The initial bounce could come at the white .618 at 1671.23 — roughly the location of the grey midline. But, there’s likely more in store. The purple 1.618/pink .886 at 1655 is our first real target.
Keep an eye on DX, which backtested the .382 and channel midline as expected and has shot back up in anticipation of a decent sell off. Initial target: the red .886 at 82.414.
Even though things are unfolding according to plan, there are a couple of tripwires we should watch out for. And, I’m not just talking about Cramer’s cheerleading or the inevitable Fed leak to Hilsenblabber.
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