UnitedHealth Group has formed this Complex Head and Shoulders pattern on the weekly time frame and has formed two layers of MACD Hidden Bearish Divergence. The most recent action we got on this stock was a weekly bearish engulfing candle, and now we're expected to see it come down at least to about $300, which would be very bad for the Dow Jones Industrial Average...
google the complex head shoulder pattern
the inverse head and shoulder failed to break out the diagonal resistance and dropping right now
but there is a case for that, it happens when there is 2 shoulder on the left side of HS pattern
so the HS pattern is not invalidated yet, it just turns into a complex or variation one
the first step IMO watch out bull reversal...
The above analysis is done purely on basis of Price Action & Chart Patterns.
The analysis is done on daily TF hence price may take few days to few weeks in order to reach the targets. The final target is more than 50% from current price hence it may take even few months to reach that price level. Traders must keep this in mind while entering into the trade....
