ORIGINAL POST: 10:00 AM
As Reeodd pointed out yesterday, there is a potential H&S setting up on the 60-min chart. I’ve been a little leery of it, as its completion would certainly alter the timing of the forecast currently in place. It’s highlighted below, and it targets somewhere around 1280.
As we saw with the last major H&S top at 1422, when H&S patterns don’t complete, it’s sometimes with a bounce just above the neckline, rather than going through the neckline and playing out. Here, a bounce at the neckline is what would keep us on track with our current forecast. But, it’s not at all assured.
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