Inverse Head & Shoulder in Gold Weekly Chart

Inverse Head & Shoulder in Gold Weekly Chart & Breakout in Crude Projected TGT 87 $

Dear All
pls go through chart and if i am wrong anywhere pls give the suggestation and support to me.

Here i am attaching GOLD (In US$ Weekly Chart) pls seniors spend time and give the best of yours.

Thanks in Advance.

Bhavesh

If I remember correctly, inverted HnS pattern is significant only when its a bottom.

In my view, Inverse H&S can come at intermediate bottom as well.
Definition of Bottom is subjective.. and it depends on the chart and timeframe that we are analysing. Otherwise, do we wait for sensex / nifty to go back to sub 100 level to find their lifetime bottom..or we look the bottom formed in last 1 yr or in last 6 month.

As per investor's psychology behind H&S patter, Retracement from Left shoulder and then buildup to head indicates the exuburence/craze of sentiments. And then when it gets comes down from head, same exuburence/crase is absent which results in right shoulder and then eventually the break of Neckline.

In inverse H&S, head indicates the height of sell-off /panic selling in our timeframe.. and this panic selling is absent when right shoulder is formed indicating that selloff is over and then finally we see the break of neck-line.

From that perspective, the chart posted here seems valid to me. Projected target is difference between neckline to head i.e.1000-700 = 300 pts on add to the other side of neckline. That gives us projection of 1000+300 = 1300 as potential target.

Happy trading

Thanks again AW10 for encouraging and give the depth regarding IHS pattern
Hope w8ing same for the seniors...........

Thanks to spend time and give the short but sweet answer (in terms of technical)