Is a head and shoulders pattern bullish?
On the technical analysis chart, the Head and shoulders formation occurs when a market trend is in the process of reversal either from a bullish or bearish trend; a characteristic pattern takes shape and is recognized as reversal formation.
What is a 'Head And Shoulders Pattern'
In technical analysis, a head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal. The head and shoulders pattern is believed to be one of the most reliable trend reversal patterns. It is one of several top patterns that signal, with varying degrees of accuracy, that an upward trend is nearing its end.
We are not at a top..... We are looking at a heavy down trend. I`m not for or against the current trend... At this point it could go either way and it will happen in the next 5-7 days.