Basically what we have forming is a descending wedge which is a signaller that we will be having a reversal in trend. We will go up for one more touch then return downward, will also put another idea up that shows why this will be the case.
Your pattern is already negated due to the fact that we bounced not only on the 1D Support but also on a 'hidden' Higher Low (previous Channel Up Higher Higher). I believe 10400 is on the way at least.
LisaNEdwards
⋅
hey, is not a head and shoulders pattern as had too many heads and no point
had 4 shoulders that were not staggered
also pattern while it looks like a rising wedge, is a commencing diagonal (elliott wave pattern) (commencing or ending diagonal) break the way they enter - in this case up
If you look at 2017 bull market you will notice RSI was exceptionally oversold for nearly 6months