Head and shoulders reversal short opportunity
Reasons for TP of 23.0:
- Bearis head and shoulders formation.
- 38.2% Fib retracement from March 2020 bull run.
- Dual pivot of Daily P and weekly R2
- Recent parabolic uptrend unlikely to have reached full retracement
- Demand level here to be potentially retested
Reasons for stoploss and invalidation:
- DXY trending downwards.
- Covid market uncertainty and recent increased awareness and demand for hedge against economic recession.
- Breaking of 29.5 will likely result in higher highs.
- 1H and 1D ichimoku indicators are bullish.
- Bearis head and shoulders formation.
- 38.2% Fib retracement from March 2020 bull run.
- Dual pivot of Daily P and weekly R2
- Recent parabolic uptrend unlikely to have reached full retracement
- Demand level here to be potentially retested
Reasons for stoploss and invalidation:
- DXY trending downwards.
- Covid market uncertainty and recent increased awareness and demand for hedge against economic recession.
- Breaking of 29.5 will likely result in higher highs.
- 1H and 1D ichimoku indicators are bullish.
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