I have shown this chart a couple of times before, but had the possible S/H/S neckline going from the low in late 2005 to the low in late 2008 and early 2009 ( [A] ), That neckline was clearly wrong, but the above pink S/H/S neckline could still be a possibility. If the S/H/S top is to maintaine value we shouldn't see EUR/USD move much higher than the 140-141 area. In that area the we also have triple resistance from the light green and gray fibo-fans and top of the pink channel.
Looking at the shorter term picture below wave C will be equal to wave A at 140.43. A relationsship which is very common. As can be seen we have entered the red box and a top could be in place any time now.
The chart below shows the hourly timeframe. As can be seen on the MACD (144 periode) we have been in overbourght territory for a very long time (17 days), which is an unusual long periode. That doesn't mean that we can't overbourght for a longer time, but the risk of a top forming near the 140.43 area is substantial, but a break below 136.35 is needed to confirm the top.
At
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