As major top in major time frame ( monthly) is now being set, which is yet to be confirmed, counter trend moves in shorter time frames are expected. Here is one of those potential patterns ( potential hourly Head and Shoulders bottom) in the hourly chart of AUXAUD ( CFD version of SPI futures).Head low shown on the chart must hold/respected for the potential pattern to continue its validity.
We should always remember that, even if the patterns are completed, there is a possibility of a failure after a completion. Not all succeed.
As I have no confidence in the current market, there will be less posts from here on.
Disclosure : Not a holder of any SPI or AUXAUD contracts, short or long.
Chart is FREE and courtesy of tradingview.com. Why pay for charting if you can get it for FREE ?
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