XAUUSD - STILL BACK-TESTING
There is clearly a back-test going on right now, of the “Neckline” of a bullish inverted Head & Shoulders pattern.
The pattern may be slanted but is still valid.
We can observe how the Neckline served as “resistance”, consistently rejecting price (red arrows) until August, after breaking out to the upside.
To confirm the upside breakout, and potential upside target of about $1,500, we would next expect to see the Neckline area reverse its purpose from resistance to “support”,
which is exactly what has occurred since the August breakout (green arrows).
As long as that continues, the only ingredient left is “time”.
The pattern may be slanted but is still valid.
We can observe how the Neckline served as “resistance”, consistently rejecting price (red arrows) until August, after breaking out to the upside.
To confirm the upside breakout, and potential upside target of about $1,500, we would next expect to see the Neckline area reverse its purpose from resistance to “support”,
which is exactly what has occurred since the August breakout (green arrows).
As long as that continues, the only ingredient left is “time”.
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