2 Possible H&S & matching Fibonacci targets I'm watching.
I trade mostly off of the 5 and 15 minute timeframes while watching 30m, 1h, and 4hour for direction. There were several H&S setups that did not break neckline (see inside the left should on chart) which became our left should.
The next forming H&S seemed off since the right was so high, but looking at it compared to the neckline it was actually lower than the left shoulder. This H&S did begin to breakdown but then came way back up over the neckline (a number of my harmonics have made similar upward moves after hitting their first target at .382 only to go back higher past the Reversal Zone.
So, that leaves us to where we are today. Bounced yet again off of what could be a neckline to form the right shoulder, or are we trying to complete the fall to our target of second H&S. For the uncertainty, I have placed two targets, leaving the 2 H&S patterns to see which one is correct/active.
Just in case it turns north, I still have a harmonic with D at 1191. So, keeping an eye on breakouts, turnarounds and these targets. Notice the fib levels too.
H&S 1: 1161
H&S 2: 1156
Fib targets from 1145.x to 1184.x:
TP1: 1160
TP2: 1157
The next forming H&S seemed off since the right was so high, but looking at it compared to the neckline it was actually lower than the left shoulder. This H&S did begin to breakdown but then came way back up over the neckline (a number of my harmonics have made similar upward moves after hitting their first target at .382 only to go back higher past the Reversal Zone.
So, that leaves us to where we are today. Bounced yet again off of what could be a neckline to form the right shoulder, or are we trying to complete the fall to our target of second H&S. For the uncertainty, I have placed two targets, leaving the 2 H&S patterns to see which one is correct/active.
Just in case it turns north, I still have a harmonic with D at 1191. So, keeping an eye on breakouts, turnarounds and these targets. Notice the fib levels too.
H&S 1: 1161
H&S 2: 1156
Fib targets from 1145.x to 1184.x:
TP1: 1160
TP2: 1157
Order cancelled:
Never broke neck, still holding longs. Good trading!