I am not so sure its a head and shoulders. You need to be...

I am not so sure its a head and shoulders. You need to be careful - its a bit like finding the false southern cross - a trap for rookies indeed.

In fact, this looks more like a a classic gulf of carpentaria and cape york pattern forming to me. That would be consistent with what I saw in the tea leaves this morning.

The questions is whether it is confirmed and we end up around tasmania (which some traders actually prefer if it leads to a golden shower); or whether there is a complete break out northwards into the golden triangle. Note also that many traders have witnessed golden showers coming out of the golden triangle, in particular around Hanoi.

I'm hoping from there we push further north into China and Japan - along with our massive future gas and oil exports!

Certainly an interesting chart and worth monitoring IMHO. Keep an eye out for MACD crossovers and close your eyes if we do enter a golden shower.