Down trend line for the past week may break to the upside today after two failures late yesterday and early this morning. With oversold daily and hourly readings, definitely not a place to be pushing shorts IMO. Levels of interest to me are marked. If the trend breaks up, a big snap back rally to 188-189 by EOD tomorrow would not be surprising.
Do we complete the rev h&s or back down to retest the lows?
SMP99
⋅
not sure. i expect a retest of the lows or near lows. i've had 190.50-192 as a spot for potential pivot. However getting to that level would complete the inverse H&S and would give a much higher price target. So maybe we don't get to my initial target and turn lower sooner.