Head and shoulders, parallel channel, and retest.
Updated
After a long period of adjustments, a downward pattern has formed.
A small head-and-shoulders pattern has emerged and is currently being retested to confirm its validity.
If the retest fails and it surpasses the right shoulder at 61450, those who entered based on the head-and-shoulders may start cutting losses, leading to a rise.
If the price falls after the retest, it should decrease by 700 as targeted by the head-and-shoulders, which would break below the parallel level.
If it drops to the extent of the parallel length, it would break 60,000 and reach 59,600, which could be set as the first take profit (TP) level.
I have just entered a short position during the retest and will cut losses if it reaches 61,450.
This setup allows for a very small stop loss with the potential for high gains. If it fails, I will reconsider my strategy.
Note
i am out. maybe left shoulder is 61650 not 61400.. but it is out of my tolerance range.Note
i will go buy short when price go down below 61280
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