Current environment and setup is looking like a small h/s inside of a larger h/s structure. If price does break down over the next week or so, the target puts us right at the bottom of the downward channel trendline.
A bounce from that trendline thus creates the right shoulder (or left upside down) of the larger Inverted H/S structure.
A bounce from that trendline thus creates the right shoulder (or left upside down) of the larger Inverted H/S structure.
Comment:
RSI then Mayer Multiple indicators are added at the bottom.
Comment:
So this played out beautifully :) the red arrow dip actually happened later, Jan 20th, but the current breakout is gaining strength. Resistance turns into Support...