For educational purposes only and it should not be taken as a financial advice.
A scenario no more at this stage which may unfold with AUSTRALIA 200.It is highly dependent upon a support being found at current levels. Failure of a potential support at current levels would negate this analysis and may suggest a retest of the recent low marked as "HEAD" requiring further analysis.
Slope of the pattern neckline being downwards should also be seen as a weakness rather than strength. None the less pattern may unfold and succeed.If completed successfully, height of the pattern may be projected to the upside for a target.One may also take a PnF count if they wish.
It is also important to see this development in the context of the next higher time frame weekly, within a potential larger distribution pattern. Hard to grasp this dual/multi time frame approach by some. One may become tunnel visioned by only focusing on a single time frame in their analysis.
Question now is, will the pattern be completed successfully and if it did, will it succeed ?