Looks like the 3rd shoulder is almost complete. On the 4 hour time frame, looks like the neckline starts in the beginning of April. If this H&S is correct, target is around 2000. Would love comments and feedback. What are your thoughts?
i literally have grown to hate the market these past 4-6 weeks...money printer go 'brrrrr' and it undoes any bad news like it doesn't matter. (i'm bearish as of Feb 2020 until much later this year)
Petrichor_
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@Chasing_Tendies, I couldn't agree more especially after tonight's price action. Doesn't make sense.
DaddySawbucks
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H&S is the most ujnreliable and deceptive pattern... fooled me so many times, but on this one it does look like it might unfold. I'm short.
Petrichor_
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@DaddySawbucks, I think it got us again based on tonight's action.
DaddySawbucks
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@Money2020_ET, Yeaah probly near the pivot IMO, three bear traps sprung in a row this week...
Akihito56
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its not clear H&S and in my opinion it will fail so we will go higher. Check my analysis to know why i think like that.
Quant-Wizard
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What is your time frame for your projected TP of 2000? Symmetrical or more abrupt?
Petrichor_
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@Quant-Wizard, My time frame is rapid, around middle of June, IF the Fed doesn't step in around 2400. My time frame is based more on the ending of the credit contraction cycle. Also, we fell out of a rising wedge recently, and usually after the back test of that, the descent is rapid. We need to break 2720 for the rapid selling to begin.