H&S confirmation + channel breakdown = ?
On the Daily Chart you can see the clear formation of an H&S, as well as the downward channel that the price is currently trading between. The purple levels are the anchored VWAPS going back to 2021 (color coded darker = newer).
A breakdown of this channel, would validate the H&S. Price target is ~3650 owing to the distance of 250 points of the Head from the Neckline. I would say that given the neckline is broken and assuming there are no pullbacks (which may or may not invalidate the pattern), we can see this price by end of March, likely followed by a violent buying spree.
A breakdown of this channel, would validate the H&S. Price target is ~3650 owing to the distance of 250 points of the Head from the Neckline. I would say that given the neckline is broken and assuming there are no pullbacks (which may or may not invalidate the pattern), we can see this price by end of March, likely followed by a violent buying spree.