We did have a breakout but lets not get our hopes up too quickly yet. The above chart will provide a clearer picture showing different possible outcomes.
Here are my observations:
Based on these indicators, I believe we will see a retest of the inverse H&S shoulder neck line. The other possibility is that we travel along the neckline sideways until we hit the solid blue upper channel before a sharp reversal down.
Regardless, if you are already in, maintain appropriate stop losses to protect profits. And if you are out thats also ok also. Its not a bad possession to be in if we get a major market decline down like perviously.
Let me know what you guys think and feedback is welcome as do consider myself a student to the arts of TA.
Here are my observations:
- We rejected the neckline of the infamous inverse heads & shoulder pattern
- Neckline of inverse H&S appear to have become new resistance
- New downward channel spotted noted by solid blue lines
- Falling volume
- RSI slightly high
- Currently above EMA 50 but invalidated a few times
Based on these indicators, I believe we will see a retest of the inverse H&S shoulder neck line. The other possibility is that we travel along the neckline sideways until we hit the solid blue upper channel before a sharp reversal down.
Regardless, if you are already in, maintain appropriate stop losses to protect profits. And if you are out thats also ok also. Its not a bad possession to be in if we get a major market decline down like perviously.
Let me know what you guys think and feedback is welcome as do consider myself a student to the arts of TA.
