"If" this turns out to be a viable Inversed H&S pattern, the target is 17ish, which would put the candle crossing over the 50 day MA (what we call gaining support), which is a buy strategy when you swing trade moving averages (half position for some). If that strategy plays out then we would likely see the 20 MA cross above the 50 MA as well, which is another buy with a moving average (many would now take a full position). If things work out this could get very interesting very fast; might I suggest we watch this one with hopeful anticipation?
Also see
