Everyone is posting about this head and shoulders bottom.
That seems to be basically the only thing the bulls can come up with as to why they think price will go up from here.
So without this one single pattern, a LOT of bulls will start to panic all at once because they know that they're trading against the trend and don't want to be holding the bag.
So I am considering putting a few stop limit entries below that trend line because once this inverted head and shoulders pattern is invalidated it will touch off a major stop run to the downside.
That seems to be basically the only thing the bulls can come up with as to why they think price will go up from here.
So without this one single pattern, a LOT of bulls will start to panic all at once because they know that they're trading against the trend and don't want to be holding the bag.
So I am considering putting a few stop limit entries below that trend line because once this inverted head and shoulders pattern is invalidated it will touch off a major stop run to the downside.
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The panic line has now been breached:
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