In the previous global update I told you about three possible options
, now there are only two and both imply dumping to the $3550-$3650
- First scenario: we have inverse H&S , the target here is LONG to $5300. In favour of this option, we have also the up-trend (dotted lines), where the reversal point is located at the intersection of horizontal support and support of the ascending trend.
- Second scenario: if we don't see a reverse at the top of the right shoulder, we can fall lower to $3200-$3000. Fundamental part: big traders close their positions before and during holidays, it may cause a dump.
we are waiting for $3600-$3650
, then we either continue our way lower with the purpose of updating local low levels, either we fly up with the purpose of completing the right shoulder.