head and shoulder...?, page-3

Hi WatchnLearn,

I find that the most common and highly followed way to find a head and shoulder pattern is to use elliot wave theory.

based on the daily chart, which is basing your head and shoulder formation i see the following:
x - 9768
1 - 7799
2 - 8517
3 - 6326
4 - 7236
5 - 6006
a - 7013
b - 6474
c - 8377 (target at 61.8 fib retracement)

now the above can change quite easily as the pair is in downtrend.

the current resistance is at the 6664 area, the next support level down is at 5228 followed by all time low of 4773.

Given the current market conditions i don't believe that the elliot wave pattern / head and shoulder pattern will work out due to the downtrend.

time will tell. :)

...anyone else have an opinion?

...always dyor!