We got the anticipated lower low, we got the bounce, we got a channel break and a retest. Is it a fake out, or is this a sustainable break out? Indices show signs of bottoming as well.
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The bounce is leading, which could imply that we'll get a small pull back before continuation to upper resistance. We'll have to assess as she goes, but I am anticipating to get at least a 3 wave move.
No it’s not a breakout, look at the bigger picture zoom out to the daily chart, screaming H&S clear as day, the channel lines on this chart are sloppy or biased, take off the bull goggles. It’s not breaking out it’s forming the shoulder it’s about to fall off of, next legs down $18, $15,$12. No volume to support a reversal. Don’t approach the market with a bias, or you’ll confirm what you want to see, instead of what the price action is indicating
Barkworth
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@njscipione, I appreciate the lecture. It is a break out at this exact degree. Your head and shoulders is 3 degrees higher. I trade what is right in front of me. Bias is not my thing.
Barkworth
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@njscipione, yesterday's high broken, pre-market. Call in the money. BOOM!
Barkworth
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@njscipione, See how that works, my biased friend? Target reached!