HIG - Right ShoulderInverted head and shoulders pattern on this 9H timeframe This is all within a larger uptrend, the right shoulder could also be considered a test of the bottom of the larger up channel
HIG
HIG Hartford Bearish divergence Weekly and DailyWeekly:
After an upwick tail, we now have a bearish divergence on MACD lines, MACD-Histogram as wel as EFI. There is even a ATR channel divergence. Stochastic RSI coming from an oversold condition and now bearish, moving in the reference area.
Daily;
A list of bearish divergences, supporting the idea on the higher TF. Currently, daily candle went up and closes lower, showing as well that the direction is going down. EFI close to the 0 level and possibly going through it. If this trend breaks we could see it moving down to the -2 ATR level, and possibly after a pull up, a next leg down, forming a lower low, which would be the second target.
Entry:
around 73,5 (on intraday TF, I entered at market open, when it ticked up)
SL, 76.2
Target 1: 70.02
Target 2: 66.7
Target 1 might be conservative, I'll see how it moves then, to see if I take 1/3 or 1/2 of the table.
R/R ratio: 1:2 & 1: 3.5
Advanced Bat Patter FormationWe have a bearish opportunity on selling at previous resistance,there is also a bat formation wich means a high probability that the price is going to go down at that level.
Hope you enjoy :)
