AUDUSD and SP300 3 peaks pattern close to being invalid?

Whilst this blog mostly focuses on the Psychological aspects of markets and trading, occasionally I like to give my view on some aspect of market price action.

- Longer-term readers may be familiar with a large (and often elusive) chart pattern which sometimes works and provides wonderful trading opportunities - It certainly gave some very profitable trading opportunities last year. - The pattern is the '3 Peaks and a Domed House' Pattern, which I have been following and appeared to be forming over the past few years on AUDUSD and to a lesser extent on SP500, both of which seemed to hint at large drops ahead in price. Here is a link to my most recent post on it in November, - since then however there his been a strong divergence from the usual format. - Given the nature of these patterns and their uncertain nature, one has to sometimes be patient. - However I now believe that in this case the pattern is if not dead yet, certainly very close to death in this instance. For those of you who have a bias towards bearishness, that does not mean further lows do not lie ahead, it just means they may not occur within the format of this particular pattern. - Now just to add one little caveat, a sharp drop starting very soon from somewhere near current levels could give this one more shot in the arm, and keep it alive, it is in metaphor terms 'on life support, with the machine close to being turned off'. --- I have updated the charts, with the November charts reproduced and the latest chart of the AUDUSD added.