Currently, if inverse head and shoulders bounces right shoulder here (4.70-4.80) and goes up, technical analysis dictates that it will go uppppp.
Now if the right shoulder over extends that head, it's no longer a head and shoulder. And with the small bearish head and shoulder I traced out at the end of today's (Thursday 23rd) market, it looks like it would be going down.
Fundamentally with the current economy, negative news, SPY hovering under channel support (possible breakout down), oil misbehaving, Macy's furloughing like no tomorrow, and nobody doing any shopping because Corona and all time high of unemployment, I probably won't support bulls sorry guys. But hey, the market proves as many people wrong as it can, right.
Now if the right shoulder over extends that head, it's no longer a head and shoulder. And with the small bearish head and shoulder I traced out at the end of today's (Thursday 23rd) market, it looks like it would be going down.
Fundamentally with the current economy, negative news, SPY hovering under channel support (possible breakout down), oil misbehaving, Macy's furloughing like no tomorrow, and nobody doing any shopping because Corona and all time high of unemployment, I probably won't support bulls sorry guys. But hey, the market proves as many people wrong as it can, right.