Retracement shape

Good morning folks,

So the first downside reaction starts as we've discussed it last time. Now, it is too big task to explore possible shapes and describe them here - just watch the video on FPA site if you're interested...

Here I would say only that we need to control the depth of the reaction. First is, if market starts to form the triangle - this is the clear sign to buy and coming upside continuation. All other shapes suggest deeper retracement.

The first one you already could see on 4H chart - this is H&S. This pattern could lead price to 55K at, least. Alternatively we could get the Double Top, that suggests even deeper retracement and re-testing local highs around 52K.

So let's start with H&S and see how it will turn. Once we get more information - we return to this subject on Thu, with our next update.