IMX / TetherUSShort
IMX in weekly chart
Updated
Hello
Sometimes you just need to see the chart simply and this chart is a perfect example. In the right shoulder you can count its corrective sub-waves but in weekly timeframe you are watching this beautiful Heard-and-Shoulder making its right shoulder. There is a big mistake for interpreting this pattern and I can see it even in the works of good traders. You MUST analyze this pattern only and only parallel with Volume fluctuations. Whoever claims that it is not necessary, he does not know what happens in the exchange between buyers and sellers that causes this pattern.
Our confirmations:
1- neck line break out
2- pull back to neckline
3- volume rise in right shoulder
if they do not happen, this is not a H-A-S pattern.
Sometimes you just need to see the chart simply and this chart is a perfect example. In the right shoulder you can count its corrective sub-waves but in weekly timeframe you are watching this beautiful Heard-and-Shoulder making its right shoulder. There is a big mistake for interpreting this pattern and I can see it even in the works of good traders. You MUST analyze this pattern only and only parallel with Volume fluctuations. Whoever claims that it is not necessary, he does not know what happens in the exchange between buyers and sellers that causes this pattern.
Our confirmations:
1- neck line break out
2- pull back to neckline
3- volume rise in right shoulder
if they do not happen, this is not a H-A-S pattern.
Note
we need a powerful break out for our neck line coincidence with a considerable rise in volume and then a pullback to say that our Head-andShoulder is reliable.Note
I love it if it makes at least one green candle as its pullbackNote
as I said, this green candle makes this Head and Shoulder complete.Note
I am an Elliottician but pleas show this chart to whoever denies the power of Technical.How neat this Head-and-Shoulder should play for you unbelievers ;)
Note
Analysis date June
This is how Technical Method works.
Can't you put it in the text book?
For those people saying Technical Analysis is an ancient method.
It does not matter what method you use, you just need to use it in correct way.
AMA
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