Potential Head & Shoulders formation
Updated
From the 4hr chart a very nice RHS formation is in play, if the formation is completed , it is a Head & Shoulders chart .
I personally want to see it rejected in the near future.
H&S are great when going up but you can loose your shirt coming down if not managed well
I personally want to see it rejected in the near future.
H&S are great when going up but you can loose your shirt coming down if not managed well
Note
This is a classic example of playing the precentages. What is known about H & S is that waiting for confirmation of the signal is required for a successful outcome.
Preempting the direction of movement prior to confirmation of the candles crossing over the support & resistance line can be very costly.
The direction reversed from the identified neck line of the H&S
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