Possible Head and Shoulders pattern forming on WFC though too early to tell. The biggest test will be the trend line (black). If the stock breaks down expect a retest of the trendline before finally completing the H&S pattern. Based on how long the stock has adhered to the black trendline a break down would be a long-term bearish signal.
Note where the entry point is. Make sure the H&S is complete before entering. The unfilled gap is still lingering.
The two targets on the chart are past points of resistance and good places to take some profits.
Comment
⋅
Target 1 has been hit and WFC has retraced back to trend line.. Expect further carnage on the back of the Fed.