45 degree angle was cut last night and took my shorts into play. The purple dashed line is the 200 day regression mean and sits with the blue LTL at the Grid Square base - this is last year's high and looks like the next decision point.
Price has made it to the 20 day FLD which is also the 78.6% retracement of the prior move up. It does look like the move into the nested low is on and if the FLD is cut, the 61.8% target of the move up from 1.27541 at 1.31656 is a reasonable goal. However, it is not yet cut and the upside trend is not broken yet.
Price has made it to another Pyrapoint line at 1.3543 with the Range MMA still in tact to the upside, albeit being chipped away. The Head and Shoulders thesis fits in with the first chart target of last year's high and that is where I'd prefer to look at losing my shorts. Given all the other failed H&S I have seen, I am not necessarily working to the whole pattern, but the proposed neckline may be a great reversal point, especially if the MMA is holding on to the upside.
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