For example, there's even a "Church" pattern I discovered myself. It shows up in any time-frame, any market. It's basically a H&S without the right S. §8-) You find it in my Videos on YT too, where I explain it in drawings.
Stay save out there Mate, volatility is crazy :)
lilrb
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Hi @Tr8dingN3rd, if the right shoulder does fill, the potential drop (equal to neckline to head) would fill the gap- though not as deep a drop as your reference (thanks, BTW).
Tr8dingN3rd
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Ah, I see @lilrb, Even though, a nice level for a target if short up in the current levels. Thanks for your view, much appreciated.
shaftpisces
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What do you means? Yesterday I just noticed that Nvidia Corp stock has already made a major reversal. I see there's a big opportunity because the price has high potential and probability to go down until 340 and not impossible it also could reach until 169 price level.This month is the right to short this stock and hold it for 1-2 years time.
As it looks like, it could be. But there are always exceptions in Stocks.
Think about sectors. For example, when we go into recession, retail prices will rise. That means more money for Grocery stores. So food, Soap, Toothpast etc. will become more expensive probably.
I'm not a fundamentalist, I'm a Technical Analyst. So I just use common sense. And/Or learn just the basics about Sector-Rotation.
For now, I'm really bearish on the Indexes as you see from my postings. Maybe too bearish - I know that I have a short Bias ;-)
However, the Forks and the Medianline-Framework tell me what's going on, and project the most probable path of price. This is what I lean on, besides my experience in >30 years.
Play it small, play it save, and play it for the long term. §8-)