After a massive move up, price as formed a head and shoulders pattern + broke below the neckline.
Highlighted are 2 possible accumulation points if price reaches these points in the near future.
Point 1 :
Fibonacci cluster (1.618 inversion & 1.414 extension) + big resistance reaction to the left (follow green line) + previously formed structure support + possible arrival of 100 EMA into the zone.
Point 2 :
big resistance reaction to the left (follow orange line) + head and shoulders pattern target taking + area underneath 100EMA - which I believe will be overshot before price rejects back above and moves further up.
Trade with care.
Highlighted are 2 possible accumulation points if price reaches these points in the near future.
Point 1 :
Fibonacci cluster (1.618 inversion & 1.414 extension) + big resistance reaction to the left (follow green line) + previously formed structure support + possible arrival of 100 EMA into the zone.
Point 2 :
big resistance reaction to the left (follow orange line) + head and shoulders pattern target taking + area underneath 100EMA - which I believe will be overshot before price rejects back above and moves further up.
Trade with care.
Comment:
Realised the feed doesnt go that far back..
Comment:
Very strong reaction off 100 EMA
Comment:
Nice head and shoulders pattern
Comment:
had issues breaking the neckline
Comment:
Lost the charting for this idea so had to redo it.
We have reached acc zone 2
We have reached acc zone 2
Comment:
seeing a decent amount of divergence on the RSI here
Comment:
Head and shoulders pattern has formed.
A break above the neckline will be good
A break above the neckline will be good