SPY- hourly INVERSE H&S CONFIRMED, then TARGET ???
The hourly Inverse Head & Shoulder has been confirmed with abnormal volume at breakout above the neck line. So now what is reasonable target for this pattern to complete?
Just refer to the textbook, the target should be equal to the length from the low of the head to the neck line. That being said, SPY bulls would be hesitated around 291.13.
But more importantly, if you go back to historical data, you can see that there was a falling window on Oct 4th, 2018. The entire falling window ranges from 291.53 to 291.24. That falling window will probably play as strong resistance for the bulls to make any further movement in next week.
Shortable area: 291.28 -291.53
Stop loss: above 291.53
Just refer to the textbook, the target should be equal to the length from the low of the head to the neck line. That being said, SPY bulls would be hesitated around 291.13.
But more importantly, if you go back to historical data, you can see that there was a falling window on Oct 4th, 2018. The entire falling window ranges from 291.53 to 291.24. That falling window will probably play as strong resistance for the bulls to make any further movement in next week.
Shortable area: 291.28 -291.53
Stop loss: above 291.53