1. Classical Head and shoulder pattern best visualized in weekly
2.Bearish Rsi divergence continues
3.Possible reversal and a Bearish cypher Formation
4.Reversal of right shoulder can occur on completion of the cypher at weekly resistance level/PRZ , or more likely at reciprocal AB=CD level which is also a weekly resistance on the traditional pivot system
5.Expected downside from the head and shoulder is the weekly Support ..
Note.. this is not a time bound analysis..
Disclaimer.. not for trading/investing advice..
2.Bearish Rsi divergence continues
3.Possible reversal and a Bearish cypher Formation
4.Reversal of right shoulder can occur on completion of the cypher at weekly resistance level/PRZ , or more likely at reciprocal AB=CD level which is also a weekly resistance on the traditional pivot system
5.Expected downside from the head and shoulder is the weekly Support ..
Note.. this is not a time bound analysis..
Disclaimer.. not for trading/investing advice..
Comment:
Correction, the bearish divergence had ended and a Bullish reverse divergence is in shape now and validates the possibility of the formation of the right shoulder....