Head and Shoulders pattern, price might go down
As we can see the price reached our Major key level and formed a H&S pattern, meaning we might experience sellers, but that's not enough confirmation to sell
If price breaks below the Major low then we can take that as a confirmation that sellers are taking over the market and we can expect selling pressure and we can place our entries
If it breaks above the MKL then we can expect buying pressure as this showed that the H&S pattern failed so buyers are taking over
If price breaks below the Major low then we can take that as a confirmation that sellers are taking over the market and we can expect selling pressure and we can place our entries
If it breaks above the MKL then we can expect buying pressure as this showed that the H&S pattern failed so buyers are taking over
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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.