Two simple patterns are all that's needed to be focused on right now on the weekly chart as we can see the weekly bull flag in yellow has clearly confirmed its breakout and we should see it reach it's breakout target of 14.4k! Also, by the bull flag reaching its target this should also fully validate and confirm this weekly inverse head and shoulders pattern I've been watching develop since last year and predicted would develop many many ideas ago. A fakeout still has a microcosmic chance of happening of course so we should always be prepared for the unexpected but now the odds tremendously favor the inverse h&s will be confirmed. So buckle up! It seems price action is about to go stratospheric!
Comment:
important to add the inverse h&s is a weekly pattern and we now have 2 consecutive weekly candle closes above it's neckline the follow up candle usually acts as the confirmation candle.
Comment:
one thing to keep an eye out on as far as a bearish scenario goes here is a possible double top. We won't have nullified the chances of a double top until price action climbs above 12.3k imo