We have a double bottom (not technically perfect) and eventual Head & Shoulders under development.
The 61.8% fib retracement synced with the H&S neck (note that the right shoulder its not forged yet, so i can expect the price to test previous support at 618 (neck), then it will forge the right shoulder or not, and i validate the right shoulder if it closes below the left shoulder.
At this moment with a Price Range between top of left shoulder and the neck.
Note: we validate the H&S - (all the pattern) after neck breakout, similar as double top and double bottom, it can be a perfect shape, but they need to break the neck. (we don't trade expectations, we trade patterns once completed) (if you don't know how to trade those pattern check links below the published idea - "24 educational charts")
Also at 618, the 2618 bullish setup:
Previous double bottom, validated with the neck breakout, it as found resistance forging the "head" for the H&S and pull back started...
So, the 618 for the H&S neck its also the 2618, a break for the downside from this level will send eventualy the price to test previous major trendline acting as support.
The projection for the 2618 setup synced with the harmonic bearish pattern completion point, it can be interesting to get that eventual short if on divergence/overbought conditions met.
At the same time, the projection for the H&S synced with the previous and major structure trendline...
For a bearish and deeper correction it will need to break major structure trendline and to forge consolidation structure below it in order to provide us another bearish opportunity, until there we wait until it provide us something that allow us to set our risk strategies in place and synced with our capital management strategy.
That Said,
Safe trades, keep focused, be disciplined 100% of your trades;
André
The 61.8% fib retracement synced with the H&S neck (note that the right shoulder its not forged yet, so i can expect the price to test previous support at 618 (neck), then it will forge the right shoulder or not, and i validate the right shoulder if it closes below the left shoulder.
At this moment with a Price Range between top of left shoulder and the neck.
Note: we validate the H&S - (all the pattern) after neck breakout, similar as double top and double bottom, it can be a perfect shape, but they need to break the neck. (we don't trade expectations, we trade patterns once completed) (if you don't know how to trade those pattern check links below the published idea - "24 educational charts")
Also at 618, the 2618 bullish setup:
Previous double bottom, validated with the neck breakout, it as found resistance forging the "head" for the H&S and pull back started...
So, the 618 for the H&S neck its also the 2618, a break for the downside from this level will send eventualy the price to test previous major trendline acting as support.
The projection for the 2618 setup synced with the harmonic bearish pattern completion point, it can be interesting to get that eventual short if on divergence/overbought conditions met.
At the same time, the projection for the H&S synced with the previous and major structure trendline...
For a bearish and deeper correction it will need to break major structure trendline and to forge consolidation structure below it in order to provide us another bearish opportunity, until there we wait until it provide us something that allow us to set our risk strategies in place and synced with our capital management strategy.
That Said,
Safe trades, keep focused, be disciplined 100% of your trades;
André
