So far the bigger bearish head and shoulders pattern on our chart has had the price action bounce upward off of it each time it's connected with the neckline...Considering how the larger pattern the head and shoulders is inside is a falling wedge pattern which is bullish and tends to break upward, my presumption is that any time the price action reaches the neckline of the head and shoulders pattern probability favors that it will continue to bounce upward off of it, faking out bears until it eventually breaks upward out of the falling wedge....based on potential angles of the spine of the falling wedge I have 3 possible price targets listed should the wedge find a way to break upward today, I also have a price target should we break fdown from the head and shoulders in the near future....if we stay inside them those targets will change slightly with each additional day that passes. I believe we will eventually break upward but we could potentially stay inside the current falling wedge until it's apex on the 24th of May. If we continue until it's apex then the price could dip as low as the 7800 before finally breaking upward. So there's a chance we could have a slight bit more dipping to do here in the next few days but overall this idea is long so I will mark it accordingly. You choose which of the 2 patterns you think are more likely to trigger for yourself of course because this is not meant to be financial advise nor I your advisor. Thanks for reading and best of luck!
can hold support it will be a very good sign for the bulls.
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