Omnicom Group (OMC): Be Aware of These Fractals

haejin (87)in #money • 6 years ago

SUMMARY

The below chart of Omnicom Group (OMC) shows that an impulse is in progress. However, fractals are always very good analogous tools for good directional confirmation of price. To that end, the blue and the white circles harbor a fractal. Can you discern it? Which pattern is it?

The white box shows the Left Shoulder (LS), Head (H) and Right Shoulder (RS) features of a Head & Shoulder Top pattern. In this fractal, price collapsed promptly below the neckline. The blue box shows the developing fractal of the same Head & Shoulders. The LS and H are complete with the RS in progress. IF price declines below the horizontal blue line, then the minimum price travel would be $42.17. IF this target is reached, it would also invalidate the above Elliott Wave count.

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