In the afternoon of the same day, it has been evident that the formation had established itself as a , by testing the same low area $371 over and over again, which also happens to be the Lower 100MA BB support.
This price action has been accompanied by a flat , collapsing buying and a weakening (at the time of writing). Moreover, has reversed sharply.
On the long side: must show signs of strength in order to assist upward price movement. On a strong break above the Upper 20MA BB at $385 the case will stay intact, and the odds will increase for a retest of the Upper 200MA BB currently at $410.
On the short side: A strong break below $371 will possibly accelerate selling pressure to test the lower 200MA BB at $347.
Overall: The weakening picture previously mentioned is still vivid. With such a low buying , some action has to give soon.
Long: On a strong break above $385 – Price Target $410 | Probability: 25%
Neutral: Price Range $372-$384 | Probability: 40%
Short: On a break below $371 - Price Target $347 | Probability: 35%
Our Stance: Have reduced long exposure. Will reduce more if $371 is broken with conviction.
It depends on how you trade every setup. For us a day trade of $14+ is quite good and it has played pretty well. We are not talking about trading 1 coin here ;). Trigger point at $385 was clean.
With regards to your chart, we can honestly assume that it is a bit speculative. It was issued 5 days ago, +1.5 of waiting, that is 3.5 days ago that your outcome should have played out. We are already on the 19th and time is overextended.
It is useful to provide entry and exit points to your strategy. For example, what point shall trigger a solid rally to "at least $500" and on what basis? Will this rally be supported by the internal indicators? Is momentum healthy? Moreover, on your calculations you have to take into account that Head and shoulders bottoms have an average performance rank of 7 out of 23 and a throwback rate of 45%.