Here on the Daily Chart we have The Walt Disney Stock. Price has been outlining what looks to be a possible Inverted Head and Shoulders!
The "Neckline" @ 86.28 has been tested twice, once on Sept. 15th after the creation of the first "Shoulder" and again on Oct. 17th after the creation of the "Head". Now since we have the creation of the second "Shoulder" or the Low that did not surpass the Low of the "Head", I suspect price will make a trip back up to test the "Neckline" one more time before possibly giving us a Bullish Break to go higher!!
As added confirmation, My DSR is flattening and and the second "Shoulder" was terminated by my Fib'd Kill Zone giving this a high chance of reversing!
**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!
-Pattern Prediction- *If price Breaks and Closes below 79.23, pattern is INVALIDATED *If price Breaks and Closes above 86.28, price action will initiate my Trade Action Plan!
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So far the push up from the Shoulder is looking good!! Now waiting to see if we reach up to the Neckline!!
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Price gave us the HUGE BULLISH BREAK today of the Neckline validating this pattern!!!
Waiting for another swing into 86 area. I fear that dip to 87 is all we’ll get. But resistance around 91 so we’ll see.
Novi_Fibonacci
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@arodsport13, I was thinking that dip was all we were going to get as well! You're right, markets are always evolving so lets see what happens!! Thank you for the comment!