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Inverse head & shoulders

Weekly MACD hidden bullish divergence

Stop = Below support line

Target = 0.618 fib extension (Could head higher and stall at the resistance or even achieve the measured move of the IHS!)

Comment: Target achieved

Comments

So it this a buy you think? I've noticed that it's been on a slight incline of late and I did get in about a week ago. Was wondering if your charts say there'll be near term breakout?!
+1 Reply
Joshh_Tradess farmerchris58
@farmerchris58, judging by this, there's a good chance it will test the neck line (green, resistance line) of the pattern. If it breaks, and closes over this line, there is a higher probability it will run up to at least the 0.618 (light blue) mark. Although I'm not sure on the exact probability, I know it is for sure higher than 50/50!
+1 Reply
farmerchris58 Joshh_Tradess
@Joshh_Tradess, just to be clear, the 'green resistant line' that you refer to is roughly at the 10.50$ value? That would be a nice run up, as the 7.18$ close Friday was a bump from the 6$ range of late. What's your guestimate on when ... this coming week?
Reply
Joshh_Tradess farmerchris58
@farmerchris58, not quite.. I'm referring to the down-sloping green line where some of the candles have touched but haven't got above. The target would eventually be around the top of the green box which you can see on the chart ($12.20)! Of course this is much higher than current prices but it may take a while to get there. You can usually judge how long it may take depending on the size of the pattern. The pattern took roughly around 4-5 months to form, so it may take 4-5 months to play out but it could well play out in much less time too! I hope you can understand this!
+1 Reply
Joshh_Tradess farmerchris58
@farmerchris58, also, the pattern is not confirmed until you can break, and get a candle close above that green, down-sloping line (neck line)!
Reply
farmerchris58 Joshh_Tradess
@Joshh_Tradess, Ah ... ok, I do understand now ... thanks!
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Vibranium_Capital farmerchris58
@farmerchris58, if top trendline breaks its a buy confirmation
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farmerchris58 Vibranium_Capital
@Vibranium_Capital, got it. But I bought in a few days ago! Thanks.
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Vibranium_Capital farmerchris58
@farmerchris58, good buy, im just speaking out loud haha. thats what im looking for
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farmerchris58 Vibranium_Capital
@Vibranium_Capital, Was looking at the charts, thought it would break out shortly ... been about a week and it's been a slow grind. But finally broke $7 last day or two. Their report on the phase 1 of the oral vaccine for c19 is due shortly ... perhaps even next week or two. Holding my breath ... not sure if I want to hold onto it till they release that result. If good, it'll go to the moon. If bad ... through the floor! haha
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