Hey guys, as some have already noticed there seems to be a head & shoulders pattern forming on the daily chart. The 200MA acts as a resistance level for the shoulders along with some structure earlier this year.
It all corresponds with the butterfly I posted earlier, so if it breaks around the 133.190's we might be looking at a drop to somewhere around the 132,500's (the D point of the butterfly).
Keep in mind though we had a massive fight earlier this year around this level which might be a cause for some disturbance.
Let me know what you think!
Thanks in advance and happy trading
It all corresponds with the butterfly I posted earlier, so if it breaks around the 133.190's we might be looking at a drop to somewhere around the 132,500's (the D point of the butterfly).
Keep in mind though we had a massive fight earlier this year around this level which might be a cause for some disturbance.
Let me know what you think!
Thanks in advance and happy trading
