The 1D chart shows the bigger picture. We can see the potential IHS playing out. However, as I have continued to mention anytime we discuss a potential IHS , we absolutely must see an expansion of as price completes the right shoulder and breaches the neckline. This is a requirement for this pattern. We have expansion into the shoulder's potential apex so far. Is this current price point the bottom of this movement? It appears that it may be when looking at lower time frames. We see that price made its low right into the top of the blue box before bouncing back up. I continue to watch for the blue box to hold as support. Furthermore, I am watching the daily candle. The daily remains important, so we want to see price moving back up toward it. As we have discussed previously, a successful IHS should see price targeting the $7900 area.
The 6H chart shows us that the candles wicked into the blue box but the body on the previous candle closed above it and the current candle is sitting above it as well. While there are still 4 hours left in this candle, it is possible we may see being supported by the Kijun line near the bottom of the cloud thereby suggesting a reversal back up. Looking at it another way, the S1 is supporting price at this time. As always, a reversal off of support is significant. appears to be adhering to its ascending support line, but that doesn't guarantee that it will not breach it. Remember, there is the potential for an IHS , but price and must follow through in order to see it materialize. Price falling below $6100 increases the odds significantly that we will retest the recent lows and likely head lower toward $5250.
Be sure to check out the 1H and 3D charts linked below.
I myself predicted an inverted HS and my chart shows it is still holding when you press the play button. Not attaching the chart, TexasWest, because not interested in gaining new followers at this time. However, I do want to bring up that some TA out there is forecasting a new low... one that would stretch the 'corresponding' left side way too low for the right side.. and thus break the inverted HS.
In my world, the price is manipulated.. so perhaps that was the intent,, make it seem as if we were going to an inverted HS and then surprise everyone with a new low. Who knows.
However, the stopping points for movement is of most interest to me, because I am a day trader. I favor neither bull nor bear.. but simply profits in trading.
Keep up the good work, I am watching.