A Small Inverse Head and Shoulders!
Updated
As you can clearly see on the chart, a beautifully precise inverse head and shoulders has formed over the past few hours. I don't know how many people will read this, but expect the price to hit the top of the downtrend channel that I defined a while ago and bounce off back up to the price target drawn. Not quite to the moon, but at least upwards! This may have the effect of starting the climb that will complete the absolutely massive head and shoulders mentioned in my last post.
Note
If you extend the red line I drew, you can see a broadening wedge forming between the top of the downtrend channel and the red line extended from the head of the head and shoulders. Broadening wedges are continuation trends meaning that since if formed on an uptrend, it will probably break to the top, in agreement with the head and shoulders.Note
My bad guys, I wasn't aware of the correct way to do a price target analysis for a head and shoulders; a inverse head and shoulders price target is the difference in price between the bottom of the head and the bottom of the lower shoulder added to the breakout point; had I known that, I would have called the correct maximum before the drop to the dollar.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.