In the CHFJPY H4 chart above, the price made a strong down move followed by an inverted Head & Shoulder pattern.
Price reversed from the weekly support level as well as 78.6 Fib ratio to complete the right shoulder of the H&S pattern, and it broke out of Counter Trend Line (CTL).
Price made a double bottom on the support level before the breakout of CTL which indicate that the market has the potential to complete the head and shoulder reversal setup.
Since we have a confirmation entry on this, we just have to be patient and give it time to play out as planned.
Thanks for reading!
Price reversed from the weekly support level as well as 78.6 Fib ratio to complete the right shoulder of the H&S pattern, and it broke out of Counter Trend Line (CTL).
Price made a double bottom on the support level before the breakout of CTL which indicate that the market has the potential to complete the head and shoulder reversal setup.
Since we have a confirmation entry on this, we just have to be patient and give it time to play out as planned.
Thanks for reading!
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