Here I have GameStop stock on the 4Hr Chart exhibiting signs of a potential Head & Shoulders pattern! GME hit its 52-Week Low last Monday so I believe this could be a great area for a potential reversal in the Bullish direction!
www.tradingview.com/...low-what-s-going-on/
The Neckline @ 14.30 has been tested twice now, once after the creation of the "Left Shoulder" and again after the creation of the "Head".
Now what I expect for GME is for price to come down for the creation of the "Right Shoulder" with Pattern Invalidation at 12.90!
-Pattern Prediction-
*If price Breaks Down and Closes Below 12.90, pattern INVALIDATED!
*If price Breaks Up and Closes Above 14.30, price action initiates my Trade Action Plan!
www.tradingview.com/...low-what-s-going-on/
The Neckline @ 14.30 has been tested twice now, once after the creation of the "Left Shoulder" and again after the creation of the "Head".
Now what I expect for GME is for price to come down for the creation of the "Right Shoulder" with Pattern Invalidation at 12.90!
-Pattern Prediction-
*If price Breaks Down and Closes Below 12.90, pattern INVALIDATED!
*If price Breaks Up and Closes Above 14.30, price action initiates my Trade Action Plan!
Comment:
Price has come down into the suspected 13.4 - 13.25 zone and is having a nice reaction to the area!!
Comment:
Invalidation is at 12.60 NOT 12.90!! SO far Price has dipped down into the 12.98 - 12.8 zone which is as low as I'm giving this pattern to finish its Shoulder!! We need to see Price go bullish now!
Comment:
Price closed @ 12.54 last week!
Now Pre-Market numbers are @ 12.69!
SO
If we open Bullish, THIS PATTERN IS STILL VALID!
The break of 12.6 will have been a FALSE BREAK!!!!
Now Pre-Market numbers are @ 12.69!
SO
If we open Bullish, THIS PATTERN IS STILL VALID!
The break of 12.6 will have been a FALSE BREAK!!!!
Comment:
DEFINITE invalidation of the pattern!!
Looking for price to come down to 13.4 ~ 13.25 BUT could potentially come down as low as 12.98 ~ 12.8!!