Quick idea that has potential for a lower low than most are expecting prior to our move back up to ATH area.
There's a head and shoulders here that says we need to get back above ~45.5k, otherwise we may re-test the top of our wedge before heading up. We've already fell below the neckline and then tested the bottom of it once. If we fail to get back above it this time, we may fall down to ~37-38k.
If we fall that low, a larger HS comes into play (not drawn on the chart) that could send us down to 27-29k, which would be the TP 2 of the current HS that is in play now, and also the top of the falling wedge we broke out of.
Alternatively, we get and hold above our neckline around 45.5k, we should start to move back towards 57-58k and head towards our 65-70+k falling wedge target without first re-testing the top of the wedge.
If instead we get the drop to 27-29k, as long as we stop near the top of our wedge, we should still get back to that same 65-70+k target.
There's a head and shoulders here that says we need to get back above ~45.5k, otherwise we may re-test the top of our wedge before heading up. We've already fell below the neckline and then tested the bottom of it once. If we fail to get back above it this time, we may fall down to ~37-38k.
If we fall that low, a larger HS comes into play (not drawn on the chart) that could send us down to 27-29k, which would be the TP 2 of the current HS that is in play now, and also the top of the falling wedge we broke out of.
Alternatively, we get and hold above our neckline around 45.5k, we should start to move back towards 57-58k and head towards our 65-70+k falling wedge target without first re-testing the top of the wedge.
If instead we get the drop to 27-29k, as long as we stop near the top of our wedge, we should still get back to that same 65-70+k target.
