Rectangle TopAlso a Head and Shoulders pattern with a "wide" head.
Bad tops come in all different shapes and sizes and is why I just call them "ugly tops" sometimes.
The similarity between top patterns is price hits a certain level and can NOT break the high.
Rectangles are easy to measure as it will most often break up or down the width of that rectangle and you need only find the resistance and support lines of the rectangle. A rectangle needs 5 touches of the 2 trendlines.
An Ugly top or Head and Shoulders top is easy to see for me, but the neckline can be tricky to see. The neckline is support until broken and often you will see a struggle for price to stay above it with small dips below it. The shoulders should be close to equidistant from the head and somewhat close in price when compared to each other, but very rarely exact. Once the neckline is broken, you should see resistance there if you chose the right level.
No recommendation.
Targets possible are below price in orange type with possible targets 1 in larger type. Targets 2 are in smaller type in case possible T1 are passed.
