Inverse head and shoulders potentially being made on the short term chart. Trend line, .5 fib retrace and 50ma coming into confluence in circled zone.
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target if proper break/continuation achieved
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Key area first
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200DMA in the vicinity
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big volume in this key resistance area
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Remember the correlation (inverse vix)
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Similarities with sept 2017 crash
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?
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So right shoulder held nicely to that support. Now testing neckline + .764 fib retrace & R1 in area.
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Finally going to break this .764 retrace + double top (r1 level).
Longer term target is back to 100DMA up @~$11600.
Longer term target is back to 100DMA up @~$11600.
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pivot & .5 fib off 1st wave
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New pivot points & R1 and the .5 fib retrace will still be the level to push through with wave 2 potentially in place
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Inverse H&S to push us to test ~$9k again?
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Shorter term ^ will be battling this 4h H&S
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Back to the 200dma
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Same thing. This 9k level needs to be broken
