Head and ShouldersNeutral until Neckline is broken.
Price is hanging on the neckline of the prior Head & Shoulders pattern. Price slid under the neckline in the last few trading days but is hanging on for now.
This last run to the upside did not come close to the right shoulder.
This can be an ominous signal but not always.
If price breaks the neckline, the hump in the crooked W can be a source of support.
Short entry (ES) would be a break of that neckline which was violated today but there is no confirmed downtrend in place.
A confirmed downtrend can differ in definition from one person to the next.
Some use a 2 candle close, others would use a few more as throwbacks are common (throwback - price breaks the pattern threshold but quickly falls back in to the structure).
The neckline is a strong source of support until it is broken.
The neckline marks the pull back level of the 2 shoulders being the level that price reversed at on more than one occasion.
Retests of the neckline are common.
A neckline can slope.
Price is above the .382 of the trend up right now. If viewed on a weekly or monthly timeframe, it is an extremely steep impulse wave up.
Price did break the resistance of the neckline on it's last leg up but is teetering at that same level once again.
Suspicious W.
No recommendation except be safe.
The market can throw bullets that causes the maximum amount of pain to the maximum amount of people );
