Elliot Wave Theory Ascending Channel H&S on lower part of channel, price has the tested the neckline many times as a support. So far hasn't broke support, we should see another push to the upside one more time
head and shoulder is bearish pattern it will break neck line
Bryan_E
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@RamzanAli in this case it’s inverted head and shoulders i don’t think it will break the neckline
Rocketman
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@Bryan_E, Here are two bearish scenarios from the charts on that timeframe:
Rocketman
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@Bryan_E, the bullish scenario is the blue pattern that shows price retracing 50% of the rally. Maybe the bears need to fulfill their story to 1940.40 or 1930 before breaking out. Or, maybe there will be a bull trap to fake the bears into holding short. Look at how the 20 moving average hugs the prices on the 8 hour timeframe.
Rocketman
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@Bryan_E, Besides, your wave 3 is too short. Thus, I believe that we are still in wave 3.