Maybe we're just in a massive head and shoulders

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
378 3
Just wanted to throw this scenario in here
I don't think we can call this a H&S due to the spike through the neckline in the left shoulder. Also, the target for this would be negative because the profit target for the pattern is the price difference between the head and low point of either shoulder. This difference is then subtracted from the neckline breakout level (at a market top) to provide a price target to the downside. So the down target would be roughly -400 USD.

Additionally - look at the upper resistance trendline on RSI. RSI is at 2 year ATL and I expect a price breakout when RSI breaks it's upper trendline for 2018.
+1 Reply
Suhaan KevinFargason
@KevinFargason, I definitely agree with you, a negative price is highly improbable. At this point BTC makes the shots so i would expect a correlating movement. ETH is looking really bearish and so does BTC so i would still expect a fairly major drop, whether or not it plays in with the H&S.
@Suhaan, Agreed... I am expecting a bit more pain and then a solid bullish movement. Thanks for sharing your ideas!
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