An inverted Head & Shoulders is a bottoming pattern, so what is it when it's at the top of a range? Well, it can be an inverted roof. This pattern in GLD's (SPDR Gold Trust ETF) weekly chart looks like it can be an inverted roof pattern setting up.
A measured move breakdown from this pattern could bring price back to previous resistance/support at around $68. If it breaks out to the upside a measured move would bring it to a price around $120. Based on how I drew the right-side trendline, price seems to have broken down and retraced on weak momentum, where a breakdown looks possible. I suppose you can re-draw this trendline to include the most recent price data, in which case we're still waiting on a break.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
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