Thread: Dragon Riders GBP/JPY

Now has the capability to become an inverted head and shoulders. Would need to recover at 149.8 ish to confirm the process is underway.

Head and soulders forming, prepared for shorts in 149.6

Head and shoulders?

Originally Posted by ;

Head and shoulders?

On my telephone so very lousy chart but potential shorts here imo

I am not sure about the shorts, I think it will rally at least to 149.70 first.

Originally Posted by ;

Now has the capability to turn into an inverted head and shoulders. Would want to reclaim at 149.8 ish to validate the procedure is underway.

Possible inverted and cancel HS as seen on 4hr/daily. Top TL in 150.2 roughly. Upon clearing 150.3, Potential retest into place in 150.5 ~150.7/8. Strong split above 150.9 may be handy.

Height circa 530 pips.

Potential targets (should it remain intact and is, in fact, an inverse hs) are (1) height x 0.618 above 150.2 = 153.2/3 (2) height plus 530 (height) above 150.2 = 155.3 (3) In expansion, height X 1.618 above 150.2 = 158.5 ish


Either way, it loses the chance to be a small 4th wave correction upon passing 151.3, even though 151.6 has considerable resistance right now.

I was right, it rallied to 150.50 before pulling back, it was too early for shorts. I do have a brief now, TP is currently at 149.00.

looking to 150.150

Originally Posted by ;

searching to 150.150

In my view it may rally quite a little higher than this level.

Bearish Divergence. Any ideas?