long to 73.530

11 May 2019

NJ is in an overall downtrend, however, I have spotted this on the lower TFs. Daily chart has ended the week in a morning star, which is a potential for a quick move in the opposite direction in which it is going to gain momentum to continue its true direction. If you take a look at the 30M, there has been a break and retest on the counter trend line and H&S pattern has been formed. I have measured from head to neckline for potential TP which lines up perfectly with 61% Fib and the second touch of my counter TL. Which 73.530 has been reached, I will be looking to go short.