Hi traders
Inverse H & S formed. Lets see if it will hold.
Neckline - watch for retest bounce. Target 11,100
Option 1
Breaks through the neckline it will be subwave 3 commencing and we are currently in completion of wave c of subwave 2
Option 2
Bounce off neckline indicates completion of bear market truncation reversal pattern which will end up being subwave 3 impulse upward.
Option 3
Proceeding without going back to retest neckline, be careful of a bull trap (will be option 1 in disguise). Needs further retracement at this level to validate first wave.
Only for educational not intended as trading advice.
Chur
Inverse H & S formed. Lets see if it will hold.
Neckline - watch for retest bounce. Target 11,100
Option 1
Breaks through the neckline it will be subwave 3 commencing and we are currently in completion of wave c of subwave 2
Option 2
Bounce off neckline indicates completion of bear market truncation reversal pattern which will end up being subwave 3 impulse upward.
Option 3
Proceeding without going back to retest neckline, be careful of a bull trap (will be option 1 in disguise). Needs further retracement at this level to validate first wave.
Only for educational not intended as trading advice.
Chur
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Thank you