Z | H&S Pattern Not Yet Resolved - More Downside to Go?

Looking at the H&S pattern formed earlier this year, it does not appear to have fully resolved as of yet. There was another pulse to the upside recently, but the trend continues to demonstrate lower highs and lower lows. Cannot count on a single bullish daily candle on a strong downward sloping trend to turn bullish until receiving confirmation. The current pulse upwards appears to be another lower high on its way down to lower levels. May be able to take advantage of the swings to the upside and short on trends to downside during this downtrend, but longer term it would appear to be worthwhile to either wait for a confirmed reversal to go long or set a lower price target inline with the H&S pattern.

评论:

It reached strong support @ $65 right on schedule. Let's see if we get a bounce from here short-term to $80-85, then a resumption down to the trendline below @ $45 to resolve the full measured H&S move to the downside as the global housing market begins to implode over the coming months.