Just take a look at my chart drawing.
Enter-reason: clear support-zone (entry zone now), over-all uptrend because this supp zone is formed at 61.8 fib level (not drawn but its a fact), great risk/reward ratio. Target level that high because its the same height that has been occured in the last up-move before so we take that height and place it on our entry level...
Price has broken below the congested " chop zone" region. Very like we are heading back to test the long term support level, near $50. It's held multiple times so I set limit order to buy 50.75$, SL $49, TP $55 (the center point of the consolidation.
head & shoulder pattern complete! (3 x bounce to top = grey, 3 x bounce to bottom = red).
Now: 4th bounce to top? No! Why?: because else the pattern wont work/exist. So now it cant be a pull to the top because before it did when we had the pattern. but now its finished so it will do the opposite => go down more! easy :)