I agree that we could potentially move to new highs also. Never mind the head and shoulders at this point in time. The trend is bullish until proven otherwise. A break to 4000 and below would indicate a bearish reversal in my opinion. Maybe play around with some different time frame moving averages and time charts such as the 20, 50 100 and 200 MAs.
lonestar108
⋅
Interesting analysis. What about the obvious H&S formation staring at you right in the face on this chart? What's your justification for a bull move in the face of such a bearish formation?
moussar
⋅
@lonestar108, can't argue much on that, except that wave 5 needs to complete. we could be staring at the left shoulder; head in the making which should top somewhere high 5k.