Lo and behold we closed yesterday above trendline (purple to distinguish), marking the first sign of a potential reversal.
Recovery back to 2400+ set us up well for an inverted head-and-shoulders pattern. Neckline may arguably be at 2550 but I believe we'll stick to a slight downtrend. The bold-dotted lines indicate the average pattern support/resistance. Note that we're currently within a possible breakout. The light-dotted line represents the lower shoulder support and the dashed line is for the shoulder low; another dip could send us somewhere between these two zones if not caught by average pattern resistance (flip) or trendline. The red dotted line is pattern neckline, established off this hourly high.
Recovery back to 2400+ set us up well for an inverted head-and-shoulders pattern. Neckline may arguably be at 2550 but I believe we'll stick to a slight downtrend. The bold-dotted lines indicate the average pattern support/resistance. Note that we're currently within a possible breakout. The light-dotted line represents the lower shoulder support and the dashed line is for the shoulder low; another dip could send us somewhere between these two zones if not caught by average pattern resistance (flip) or trendline. The red dotted line is pattern neckline, established off this hourly high.
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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.