hello guys.
Head and Shoulders Pattern: A classic bearish reversal pattern has formed with a left shoulder, head, and right shoulder, indicating potential downside.
Neckline Break: The price has broken below the neckline around $5.30, confirming the pattern and suggesting further bearish momentum.
Target Projection: The measured move target from the head to the neckline projects a potential drop towards $3.27.
Resistance Levels:
Immediate resistance at $5.30 (previous neckline).
Further resistance near $6.10 (potential pullback area).
Support Levels:
Immediate support around $4.60.
Major support at $3.27 (pattern target).
Outlook: Bearish, with a high probability of a decline towards the $3.27 level unless the price reclaims the neckline. Watch for any signs of reversal or a break above $5.30 to invalidate the bearish scenario.
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✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Head and Shoulders Pattern: A classic bearish reversal pattern has formed with a left shoulder, head, and right shoulder, indicating potential downside.
Neckline Break: The price has broken below the neckline around $5.30, confirming the pattern and suggesting further bearish momentum.
Target Projection: The measured move target from the head to the neckline projects a potential drop towards $3.27.
Resistance Levels:
Immediate resistance at $5.30 (previous neckline).
Further resistance near $6.10 (potential pullback area).
Support Levels:
Immediate support around $4.60.
Major support at $3.27 (pattern target).
Outlook: Bearish, with a high probability of a decline towards the $3.27 level unless the price reclaims the neckline. Watch for any signs of reversal or a break above $5.30 to invalidate the bearish scenario.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Note
it is toward the $5.7 levelTrade closed: target reached
the target of the long position achieved!
now the short position is activated
Note
it confirmed a downward movement:Note
Ton reacted to the yellow area that I had pointed at before!
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
Related publications
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.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
Related publications
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.