Hello everyone!
I guess most of you have seen this pattern, the very large Head and Shoulders (continuation/bearish) pattern. It's a beast that has a target of below 100€.
However, I'm almost certain that it won't break down to those levels (but who knows) my bet is however that it won't.
My idea right now is now to keep my eyes on a few price levels for confirmation(s) and give me a hint on how far this can go.
I mentioned around 500 earlier, this was a very conservative target in hindsight even though we have not moved very much since.
For those who have seen my chart "Direction without Decision" there are two "X" at support levels, my idea was that every X that got violated would produce a test of the next support below.
This is looking like a continuation of that happening right now.
So, next support is at 500, and I believe that it's going to get tested soon.
A failure to maintain a price above 500 would open the door to complete, and see if there is any validity to the very large H&S in play.
The neckline for the pattern is at around 460, if the price reaches there, the next lookout would be 425-405. If the pattern shows validity we would see a volume spike that would pierce that important price range.
At this point, we don't really have much to go on except that the long term support has been very solid around 240-300 range.
So, keep your eyes peeled at 425-460 as those are key levels that will decide our direction in the coming months.
I guess most of you have seen this pattern, the very large Head and Shoulders (continuation/bearish) pattern. It's a beast that has a target of below 100€.
However, I'm almost certain that it won't break down to those levels (but who knows) my bet is however that it won't.
My idea right now is now to keep my eyes on a few price levels for confirmation(s) and give me a hint on how far this can go.
I mentioned around 500 earlier, this was a very conservative target in hindsight even though we have not moved very much since.
For those who have seen my chart "Direction without Decision" there are two "X" at support levels, my idea was that every X that got violated would produce a test of the next support below.
This is looking like a continuation of that happening right now.
So, next support is at 500, and I believe that it's going to get tested soon.
A failure to maintain a price above 500 would open the door to complete, and see if there is any validity to the very large H&S in play.
The neckline for the pattern is at around 460, if the price reaches there, the next lookout would be 425-405. If the pattern shows validity we would see a volume spike that would pierce that important price range.
At this point, we don't really have much to go on except that the long term support has been very solid around 240-300 range.
So, keep your eyes peeled at 425-460 as those are key levels that will decide our direction in the coming months.
Comment:
The large HS pattern is now almost completeted, let's see if there is any validity to it coming.
Comment:
Neckline target reached, Another bear flag has formed and we will see another drop very soon target should be around 430 range.
Comment:
small bullish sign a ascending triangle...
but looks like we wont see anything but rejection here , but the reaction will be more pressure on <500 again instead
but looks like we wont see anything but rejection here , but the reaction will be more pressure on <500 again instead