I believe we are currently in the head of an impending large head and shoulders bottom. If you go look at major historical reversals in different markets, you will recognize the V bottom price action in the head. Also, they have a high tendency for symmetry so look for a similar timeframe for the right shoulder to play out. A strong break over our 10.5 high would look more V-bottom to me and I wouldn't expect the right shoulder. Good luck
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I believe we move up from this point. Pretty confident we are in a 4th wave correction ascending triangle, and this drop over the last hour looks like 'E' wave of tri. break back under 8.8 will look like invalidation
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Here's how I think it's gonna play out
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Still think you could call this a head and shoulders bottom. Never got that deep right shoulder but could argue it's a stunted shoulder. Recent throwback would be the neckline re-test and should get a measured move to around 17k.