tilted h&s is unlikely to play out, you'd rather want the neckline horizontal
Jesus8
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@relievedHawk1, I was talking about the previous one :) I see now my potential playout could be construed as a H&S oopsie
Jesus8
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@relievedHawk1, Just realised I misunderstood you, thought you said "titled". It Seems to be making lower lows though? I'm sure you know a lot more than I do about this but as far as I can see things look to be sideways/downward until a squeeze occurs. Nice to know there are some bulls still out there...
relievedHawk1
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@Jesus8, no worries I'm not an experienced analyst either, I was just taught by some experienced traders that the neckline of the h&s (and inverse h&s in our case) should ideally be (almost) horizontal if you want to see it play out. You could think of it as a sign that buyers manage to consistently push the price up to the same level throughout the pattern despite the sellers trying to dump ,you know. Whilst in the one you drew the neckline is tilted as it's been making lower highs, possibly hinting that buyers are struggling to push it back up. I'm not saying it'll necessarily go down instead though, on my side I've identified the current price action as a bearish pennant following our last sharp drop, but at the same time some of my reliable oscillators are telling me we should stay consolidating in the current range for now. I'd recommend to wait more before entering a position;