Head and Shoulders
Freeport in Freefall?Freeport-McMoRan has struggled since the spring and some traders may see risk of further declines.
The first pattern on today’s chart is the series of higher highs and higher lows since early August. The copper miner fell through the bottom of that channel on Tuesday, creating a potential bear-flag breakdown.
Second is the zone around $43.30. It was a high in December and important breakout level in March. FCX recently tried to hold this support area but yesterday tore through it.
Third, the breakdown is occurring around the 200-day simple moving average. That may suggest that a longer-term uptrend is ending.
Speaking of the long run, the price action between April and July could be viewed as a top. Not only did FCX fail to break above its 2022 peak. It also formed a potential head-and-shoulders reversal pattern.
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Alikze »» FTM | Suspicious of the reverse head and shoulders🔍 Technical analysis: Suspicious of the reverse head and shoulders pattern
- In the analysis presented in the previous post, the target exactly touched the bottom of the channel, which then met demand and caused a 110% growth.
- Considering that the recent corrective wave had a correction of 0.23 fibo of the previous wave, so we should expect an upward trend.
- In addition to the fact that the recent corrective wave was a three-wave and its corrective momentum was in the form of three waves, if its correction is not complex in combination, we can expect the continuation of the upward trend after a short-term correction.
- Therefore, the first target of the neck line can be considered the first supply area. After defeating the supply area, the next targets will become available.
💎 In addition, you should pay attention to this point, in order to verify the upward trend, the previous floor should not be touched (Invalidation LVL range), in which case the analysis will be invalid.
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BINANCE:FTMUSDT
BITCOIN: Bearish – Head and Shoulders + Ascending WedgeBITCOIN: Bearish – Head and Shoulders + Ascending Wedge
Two classic Chartist figures were detected by the Wolf of Zurich:
1- An “ascending wedge” which would bring the price down towards $62,632.
2- A “Head and Shoulders” which would subsequently bring the price down to around $52,080.
The EMA.50 and 200 also remain potential targets
caution.
AUDUSD: Bearish Reversal Pattern?!AUDUSD has formed a head and shoulders pattern on the 4-hour chart, with the price breaking below the neckline.
Currently, there is a retest occurring, and I anticipate that the pair will begin to decline shortly.
The targets for this downward movement are set at 0.6719 and 0.6700.
Alikze »»CAKE | Reverse head and shoulders pattern🔍 Technical analysis: Reverse head and shoulders pattern
- In the previous analysis , it was mentioned that a head and shoulders pattern was formed, that the last correction log can extend to the range of 1.17.
- As mentioned, it is moving in a descending channel.
- Demand was met at the bottom of the descending channel and the range, which experienced a growth up to the top of the channel and the broken zone.
- Currently, in weekly and daily time, in addition to the descending channel, it is in a concentration.
- In addition, it is suspected that the head and shoulder pattern is the opposite. Therefore, I expect it to advance to the supply zone after the last bearish leg and the right shoulder are completed, out of congestion.
💎 Note: It is necessary to explain that the right shoulder should not be extended to the previous area, in which case the alternative scenario should be checked and the post updated.
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BINANCE:CAKEUSDT
XAGUSD has formed a head and shoulders top patternOn the 4-hour chart, XAGUSD formed a head-and-shoulders top pattern and then fluctuated downward, with a short-term bearish pattern taking advantage. At present, we can pay attention to the supply zone of 28.67-28.96. If the rebound is blocked, we can consider shorting. Pay attention to the area around 28.00 below. After breaking through, the support below is around 27.50.
my BEARISH expactation for PEPE/USDTwe see on the weekly a big head and schoulders formed. the neckline broke en retested 2 times! i believe it time to go heavy short because a big cvrash is coming ( believe it or not) it wil first pull up a bit to.... 0.5 / .618 fib ? not sure, i prefer ro short t the 0.5, not to big leverage ( max 20) and protect as soon as possible and enjoy the free ride, ------ its a +-83% drop if it goes that low -----.
enjoy. en lets hope for the best.
OM to the moon
I can never understand 90% of investors, no one wanted #BTC at 15k but many will FOMO over 70k!
Same also with NASDAQ:OM now because no one wants to buy when it's at dip but they will FOMO at new ATH!
NASDAQ:OM is gaining traction and it is up by nearly 1500% since January 2024.
I think the coming weeks are going to be big for #MANTRA and Mainnet launch coming in September with Rate cuts as said by Powell.