WING head and shoulders
NASDAQ:WING
WING has recently broken out of a previous upward channel following positive earnings and raised guidance. This pattern resembles a head and shoulders formation, and a neckline break could at least trigger a retest of the 200-day MA.
Key Developments:
Uptrend channel breached.
Retested bottom of previous channel, failed to break through.
Dropped below 100-day MA, subsequently retested and failed to hold above.
Expected Outcomes:
Bullish Scenario: WING breaks above the upper boundary of the current falling wedge, coinciding with the 100-day MA resistance. In this case, I would exit the position.
Bearish Scenario: WING fails to surpass the upper wedge boundary and retests the lower boundary, aligning with previous support and the potential 200-day MA. A subsequent lower high would confirm the head and shoulders pattern, targeting a price of $270-285.
Economic Considerations:
While declining interest rates are anticipated due to recession fears, this could negatively impact consumer spending, including dining out. WING's franchise-heavy business model may be affected by franchisees delaying store openings in anticipation of lower interest rates and improved economic conditions.
Head_and_shoulder
EURO at an interesting levelThe euro is deciding its next big move, while some upside could be likely if it breaks above the 1.0925 price level, it would be interesting if the EURUSD breaks below the 1.0890 price level
This would complete the head and shoulder pattern, breaking the neckline which coincides with the 50% Fibonacci retracement level
PEPE forms DOUBLE TOP with H&S on right peakPEPE has formed a double top, broken through previous low of 0.0000116 and is now retesting from below.
To add fuel to fire, the right top has formed a head and shoulders pattern, with the shoulder line being broken at 0.0000116.
Main technical pivot point for PEPE is set at 0.000009, however should we see the reflection of our double top measurement, we'd be looking at a 0.0000108 - 0.0000106 profit target for a nice little short
Gold BullishBullish head and shoulders pattern is prevalent on the Gold daily chart.
It is trading inside a bullish trend channel and currently forming the right shoulder which, so far, is failing to trade near the bottom of the channel creating that higher right shoulder which is a strong confirmation of the direction of the possible continuation.
2450 will be tested before retreating to grab more bulls. The possibility of a failed head and shoulders (on pattern #2) is still on the table. In that case 2350 support level will be tested. Let's see what happens
Next Week Trading Plan (DXY analysis)we have drawn some high lows of weekly and monthly swings
after that,
we have spotted a chart pattern on 4h of DXY indicating it was head and shoulder (incomplete)
although the idea was the left shoulder of the pattern is bigger and on the right shoulder it will be shorter than the left shoulder
neckline comes at 104.510
first target will be 104.900 which is derived from the right shoulder length and
2nd target is at level of 105.300 which is the length of head
incase the first condition couldn't break through the neckline we then have to wait for price to retest the monthly and weekly support which is around 103.900 to 103.600
BONKUSDT Potential Head and Shoulders PatternIn the 4-hour BONKUSDT chart, there is a clear potential for a Head and Shoulders pattern. BONKUSDT has bounced off the support line at 0.000026083 and is showing an upward movement. If it retraces from the 0.000029495 levels, it could lead to the formation of a Head and Shoulders pattern.
In this scenario, a decline towards the area within the purple rectangle could be anticipated. In the event of a more severe decline, it is possible that the price could fall to the turquoise rectangle, which is outlined with a purple border.
Alternative Scenario: If BONKUSDT breaks through the 0.000029945 levels with significant volume, an increase up to the orange rectangle could be expected, and subsequently, it could move towards the red box. If the price rises to the range of
0.000032385 - 0.000033910, the Head and Shoulders pattern will be invalidated.
Attention: Given the high dominance of BTC, caution is advised, and BTCUSD should be closely monitored.
Potential Head and ShouldersIn the 4-hour chart, an emerging but not yet fully confirmed Head and Shoulders pattern is distinctly visible. This technical pattern is often used by traders to predict potential reversals in the market. For the OKX chart, a critical level to watch is 63,480. If the price drops below this level, it could signify a bearish trend, potentially bringing us down to the 55,000 levels.
Left Shoulder: Formed at the 66,000 level
Head: Reached the peak at approximately 68500
Right Shoulder: Currently awaiting formation
The price has touched all the key support points, indicating a potential upward move to form the right shoulder. BTC is currently rising towards this level, suggesting a critical juncture in the pattern development. This movement is crucial because it will determine whether the pattern completes or if another scenario plays out.
Alternative Scenario: If Bitcoin manages to break the right shoulder with high volume on the given chart, it could invalidate the Head and Shoulders pattern. A high-volume breakout above the right shoulder would be a strong bullish signal, potentially resulting in a significant upward movement. In this case, we could see BTC rise to the 72,000 level.
This analysis suggests that traders should closely monitor the following:
63,480 Support Level: A drop below this level could indicate a bearish trend towards 55,000.
Formation of the Right Shoulder: Watch for the completion of the right shoulder around the current levels.
Volume Analysis: High trading volume accompanying a breakout above the right shoulder would suggest a strong bullish trend, potentially leading to the 72,000 level.
Given these factors, the current market conditions present a pivotal moment for BTC. Traders should be prepared for both scenarios, adjusting their strategies accordingly to manage risks and capitalize on potential opportunities.
In summary, the Head and Shoulders pattern in the 4-hour chart provides a critical framework for anticipating BTC's next moves. Whether BTC confirms the pattern by breaking below 63,480 or invalidates it with a high-volume surge above the right shoulder will be key in determining the market direction in the near term.
Buy EUR/JPY Head & Shoulder PatternThe EUR/JPY pair on the M30 timeframe presents a potential Buying opportunity due to formation Head & Shoulder pattern. This suggests a shift in momentum towards the Upside in the coming Hours.
Key Points:
Buy Entry: Consider entering a Long position around the current price of 167.12. This offers an entry point near the perceived shift in momentum.
Target Levels:
1st Support – 169.38
2nd Support – 171.10
Stop-Loss: To manage risk, place a stop-loss order below 164.60. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
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AUD/USD - Bearish Opportunity with Head and Shoulder PatternThe AUD/USD currency pair has recently exhibited a classic Head and Shoulder pattern, indicating potential bearish momentum. The price has broken below the neckline, which previously served as a strong support and trendline. Currently, the price is testing a key support level, suggesting a possible retracement from this area.
Chart Pattern Analysis:
The Head and Shoulder pattern typically signals a trend reversal, and the recent break below the neckline confirms this bearish sentiment. The neckline break indicates strong selling pressure, and the price action is now testing a critical support level.
Fibonacci Retracement Analysis:
The potential retracement aligns with the 50% to 61.8% Fibonacci retracement levels, providing a confluence of resistance around this area. This enhances the likelihood of a bearish trend continuation, also aligned with the trendline that has turned into a resistance zone.
Trade Setup:
Entry Point: Near 0.67100 (re-test of the trendline and resistance area)
Stop Loss: Near 0.67450 (above the resistance zone to manage risk)
Take Profit Levels:
TP-1: 0.66750
TP-2: 0.66400
TP-3: 0.66050
Conclusion:
Given the technical analysis, the AUD/USD pair presents a potential short-selling opportunity upon a retracement to the resistance zone. The alignment of the trendline, resistance, and Fibonacci levels provides a high-probability trade setup. Traders should consider entering near 0.67100 with a stop loss at 0.67450 and targeting the take-profit levels as specified.
Note: As always, traders should conduct their own analysis and consider market conditions and risk management strategies before entering any trades.
ETHEREUM is forming a bullish head and shouldersChart Patterns and Trendlines
1. Head and Shoulders Pattern (Bearish)
- Left Shoulder: Formed around 3,450 USDT.
- Head: Reached a peak around 3,550 USDT.
- Right Shoulder: Formed around 3,450 USDT again.
- The neckline, which was breached, is around 3,300 USDT, indicating a bearish reversal.
2. Inverse Head and Shoulders Pattern (Bullish)
- Left Shoulder: Formed around 3,200 USDT.
- Head: Reached a low around 3,000 USDT.
- Right Shoulder: Forming around the current price level of 3,498.35 USDT.
- The neckline for this pattern is around the 3,500 USDT level. If the price breaks above this neckline, it suggests a bullish reversal.
3. Descending Channel
- Ethereum was trading within a descending channel, marked by parallel downward-sloping trendlines.
- The breakout from this channel around mid-July indicates a reversal of the previous downtrend.
Key Support and Resistance Levels
1. Support Levels
- 3,248.81 USDT: A key support level marked on the chart, aligning with the breakout point from the descending channel and the potential right shoulder of the inverse head and shoulders pattern.
- If the price falls below this level, the next support can be around the previous lows at 3,000 USDT.
2. Resistance Levels
- 3,976.07 USDT: The next significant resistance level, which is also a target for the potential inverse head and shoulders pattern.
Price Projections
1. Bullish Scenario
- If Ethereum holds above the 3,248.81 USDT support level and breaks above the neckline of the inverse head and shoulders pattern (around 3,500 USDT), the projected target is around 3,976.07 USDT.
- This target aligns with a previous high and a psychological resistance level.
2. Bearish Scenario
- If Ethereum fails to hold the 3,248.81 USDT support, it might retest the lower support of around 3,000 USDT.
- A fall below 3,000 USDT could indicate further downside, potentially revisiting the lows around 2,750 USDT.
Trading Strategy
1. Long Position
- Consider entering around the 3,248.81 USDT support level, with a target of 3,976.07 USDT, especially if the price breaks the neckline around 3,500 USDT.
- Set a stop-loss below 3,200 USDT to manage risk.
2. Short Position
- If the price fails to hold the 3,248.81 USDT level, consider shorting with a target towards 3,000 USDT and below.
- A stop-loss above 3,300 USDT can be set to manage risk.
Summary
- Ethereum's price action shows the potential formation of a bullish inverse head and shoulders pattern.
- Key support and resistance levels at 3,248.81 USDT and 3,976.07 USDT respectively should be closely watched.
- Trading strategies should be adaptive to the price movements around these critical levels, with proper risk management in place.
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Bearish on GER30 Dax, read the texts following the numeric orderThe chart itself is self explanatory.
German Dax is due for a correction and it has already created a:
1. Triple Top on the weekly time frame
2. H&S on the weekly time frame
The price is expected to retrace down to the monthly/weekly fibonacci golden zone level (0.5 to 0.618), which also coincides with a strong support (formerly resistance) area.
#DAX #GER30 #GER40
ETHUSD → toward $3274hello guys.
Let's analyze ETH!
✎ Current Price and Structure
- Current Price: The current price of Ethereum is approximately $3,158.24.
- Trend: The chart shows Ethereum in a descending parallel channel, indicating a bearish trend.
✎ Key Patterns
- Double Bottom: At the lower end of the chart, a double bottom formation is seen around the $3,110 level. This is a bullish reversal pattern suggesting that the downtrend might be losing momentum.
✎Trendlines and Targets
- Descending Trendline: The chart shows a descending trendline that Ethereum is currently attempting to break. This line represents the resistance level in the ongoing bearish trend.
- Target Line: The target line, marked at $3,274.48, is a significant resistance level that Ethereum might aim for if it breaks above the descending trendline.
- Bottom Line: The bottom line of the descending channel acts as a support level.
- Target Line: Extending below the bottom line, it suggests further potential downside if the support is broken.
✎Indicators
- Price Action: The price action suggests a potential breakout from the descending channel. The price is approaching the target of $3,274.48 after forming a double bottom, which is a bullish signal.
- Resistance Levels: The significant resistance levels to watch are the descending trendline and the $3,274.48 target. Breaking these levels might indicate a reversal of the bearish trend.
Conclusion
- Bullish Scenario: If Ethereum manages to break above the descending trendline and reach the target of $3,274.48, it could signal a bullish reversal, potentially leading to further upward movement.
- Bearish Scenario: If Ethereum fails to break the descending trendline and drops below the current support levels, it might continue its downtrend within the descending channel.
Overall, the chart suggests cautious optimism with key resistance levels needing to be broken for a confirmed bullish reversal. Traders should watch these levels closely and consider the patterns formed for making informed trading decisions.
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Does BTC go down even more? And what would that do with ALTSDid BTC make it bottom yet or will we see more red?
If we look at the charts and the strong rejection of the current lows we would like to think we have seen the bottom.
Relative Unrealized Profit
That made me look into the RUP chart (Relative Unrealized Profit) on Chainexposed. If we analyse that chart we can see that the RUP in the green zone has been bottom signs. If we look in the red zon ther was always a top if we got there.
The in the big circle we see a mirror image of 2022 vs 2024 and both can be seen as a H&S structure. Both have the same TT in the green zone. If we take this chart as leading sign we can sugest a uptrend from the current lows to form the right shoulder as drawn in the chart.
The break of the shoulder and neckline would be the sign that we will go down towards the liquidity below the lows. Now this is nothing special in a regular bullmarket. But what if i was too tell you that the first real liquidity for BTC is as far down as 32k...
Yes you did read it correctly. Almost all liquidity between the 56k and 42k where it was for a week or two ago is gone now. So in my opinion there ar two main scenarios possible here.
Scenario 1:
We will see new liquidity from retail investors building up just below the current lows and that will bring enough fuel for the bulls to proceed with the bull run and break the ATH.
Scenario 2:
Retail is so affraid (by FUD and the loses on alts) that they will not have the believe in the uptrend now. Then that would mean they are not likely to buy or go long now. Then the liquidity range below stays rather thin and there is lack of fuel for the bulls. Will that trigger a flash sale all the way down towards the 32k?
What are your thoughts on these scenarios? Please let me know in the comments.
Solana to $133, Head & ShouldersAlmost missed this. Solana has a head & shoulders on the one hour, that would take it south to 133 which is also a good test of support, dashed yellow line. The EMA is RED and set on the 4HR 200 EMA, and now rejected 2 times, a nudge from Big Brother Bitcoin, and Solana could easily go to 133, I think BTC will go to $46-52 K so Solana may go to $110-115, so DCA till full reversal. Watch Krown Crypto for 5 Day plan
NVDA: Critical Inflection Point!The daily chart of NVDA shows a complex technical scenario, highlighted by the presence of a potential Head and Shoulders (H&S) pattern frustration point. The H&S pattern is a bearish reversal pattern, but the price action suggests that it may not have completed, leading to the current consolidation phase. This frustration point is marked by the resistance line at $128.12, which NVDA has struggled to break through consistently.
The daily chart also shows a trendline support, which has been respected multiple times, providing a strong upward momentum. The 21-day EMA serves as an additional support level. The recent price action indicates a consolidation phase between $128 resistance and the trendline support, creating a tight trading range. Traders should watch for a breakout to determine the next significant move.
On the weekly chart, NVDA has been in a strong uptrend, with the 21-week EMA providing support. The main support level is identified at $118.04, a crucial level that has been tested and held in recent weeks. This level coincides with the neckline of the potential H&S pattern seen on the daily chart, making it a critical support zone.
In summary, NVDA is at a critical juncture with consolidation between key levels. Traders should monitor the $128 resistance and the main support levels closely for breakout or breakdown signals to determine the next major move. The overall trend remains bullish, but caution is warranted given the potential bearish H&S pattern and the current consolidation phase.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
GOLD → be aware doesn't trick us!hello guys!
the price is hunted the last area is around $2337,
this seems like a hunt, not like an engulfing!
current state:
1- it formed a QM pattern and touched the target of the pattern!
2- the Qm pattern looks like H&S too!
3- at the upper time frame the main trend still is bearish and the descending channel has not broken yet!
forecast:
1- the price will touch the upper line.
2- afterward, it will start the downward movement.
___________________________
✓✓✓ 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
Inverted Head and Shoulders: A Comprehensive GuideThe Inverted Head and Shoulders pattern is a popular and reliable reversal pattern that signals a potential shift from a downtrend to an uptrend. Understanding and identifying this pattern can provide traders with profitable trading opportunities.
Anatomy of the Inverted Head and Shoulders Pattern.
Left Shoulder: The price declines to a trough and subsequently rises.
Head: The price falls again, forming a lower trough.
Right Shoulder : The price rises once more before declining to a trough similar to the left shoulder.
Identifying the Pattern
To accurately identify an Inverted Head and Shoulders pattern, look for the following characteristics:
Three Troughs: The head should be the lowest point, with the two shoulders on either side.
Neckline: Draw a trendline connecting the peaks of the two shoulders. This line acts as a resistance level.
Breakout Confirmation
The pattern is confirmed once the price breaks above the neckline with increased volume. This breakout indicates a reversal of the previous downtrend and the start of a new uptrend.
Trading the Inverted Head and Shoulders
Entry Point
Enter a long position when the price closes above the neckline. To reduce false breakouts, consider waiting for a retest of the neckline as support.
Stop-Loss
Place the stop-loss order below the right shoulder to limit potential losses. This level provides a cushion against false breakouts and unexpected market movements.
Target Price
The target price can be estimated by measuring the distance from the head to the neckline and projecting this distance upward from the breakout point.
Example:
Example Reference image of chart ONGC on Daily Time Frame shared below
Distance from Head to Neckline: 62 points
Breakout Point: 280 points
Target Price: 342 points
Practical Example of ONGC chart
The neckline is drawn connecting the two peaks at 280 level. A breakout occurs at 280 level with increased volume and now candle closed bullish at 288 levels with Good intensity of Volumes.
Key Points to Remember
Volume: Volume should increase during the formation of the pattern, especially at the breakout point.
Timeframe: The pattern can form over various timeframes, but it is more reliable over longer periods.
Market Context: Always consider the broader market context and other technical indicators to confirm the pattern.
Conclusion
The Inverted Head and Shoulders pattern is a powerful tool for traders looking to capitalize on trend reversals. By understanding its structure and applying disciplined trading strategies, traders can enhance their ability to identify and profit from these patterns.
I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Hope this post is helpful to community
Happy Trading!
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
XAUUSD (GOLD)The Gold/US Dollar (XAU/USD) 4-hour chart shows a potential inverse head and shoulders pattern, indicating a bullish reversal. The price is around 2329.01 USD, facing a mini resistance level at approximately 2340 USD. A strong resistance and supply zone is noted at 2368.73 USD. The chart suggests a bullish breakout from the mini-resistance level, targeting the 100% retracement level at the strong resistance zone. Key levels to watch include the mini resistance at 2340 USD and the strong resistance at 2368.73 USD for confirmation of the bullish move.