Priceaction is currently above the neckline of this daily chart inverse head and shoulder pattern on solusd with one daily candle close above the neckline so far. Should it trigger the breakout the measured move target is $135 which would put price action above the neckline of a much bigger weekly chart inverse head and shoulder pattern’s neckline. The measured move breakout target for that larger invh&s. Pattern would be around $242. Last October we saw the Dow Jones Industrial chart also start to break above a big inverse head and shoulders pattern that also had a right shoulder which was it’s own smaller inverse head and shoulders pattern just as we are seeing come to fruition now on the Solana chart. We must remember on that chart we had an initial fakeout above both necklines around July so there’s always a chance the initial break above the necklines for this solana chart starts as a fakeout too. However since then, The DJI chart has hit the target of it’s smaller inv h&s target and is very close to hitting its bigger inv h&s target so I’d say using that as a precursor, probability is rather high for solana to also hit both of its breakout targets within the coming months. *not financial advice*
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Looking closer, it appears we actually have 2 consecutive daily candle closes above the neckline rather than just one. This increases the probability of a validated breakout here somewhat but still a chance that we could go back below the neckline.
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And just like usual after the iniiitial first breach of the enckline, we have found a way to dip back below it. Could take 1-3 more candle breaches above it before it really triggers the breakout.
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At the moment it us be ask fir bug a couple n handle pattern due to this pullback.
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Autocorrect ruined my last statement, what I was trying to say is “at the moment it is beginning to form a cup n handle pattern due to this pullback.” Once again we have price action back above the inv h&s neckline…perhaps 2nd breach of the neckline can be the charm? We will know soon enough. Always possible it takes 3-4 back and forth s of the neckline before the real breakout but we will know soon enough.
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Target hit with exact wick precision!
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On its initial correction back below the teal neckline it actually created another neckline as well which it has now also broken above. The target for that neckline is around $158.49 . In reaching the second necklines target, it will very likely at that point flip the much bigger inverse head and shoulders pattern’s neckline to support which should inevitably lead to validating the breakout on that pattern as well, then the real fireworks begin.
i do believe you just drew a "trip dangle" pattern, one of the popular ones from the archaic speeble metrics that many fall victim to. price action can be fairly estimated here but you are encouraged to use scrom theory to enhance your predictions in tandem with speeble metrics, but can eventually be 100% scrom inclusive to give you the best understanding of your analysis for years to come. i strongly suggest starting with the TED talk on YouTube by Dr. Vaughn Pritcher, he does a great job generally outlining the scrom and gives you pointers on how to draw your first Klonn. anyway, good luck!
DrDovetail
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@scrom_indicator, hahah I love your vernacular choices. I will see if I can find this TED talk you speak of :P
@SmallBagsHereandthere, I don’t think you understand how these things pan out. If you thought the breakout had to be validated on the first time price gets above the neckline you must be new to chart patterns.
SmallBagsHereandthere
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Hey moonboi, it’s called a double top. Look at the weekly. #invalidated #rektmoonboi
DrDovetail
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@SmallBagsHereandthere, don’t think you understand how TA works if you think anything’s been invalidated yet.
SmallBagsHereandthere
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It’s all good man, I’m just trollin. I made a killing of this short but yes overall we are long