Bearish Double H/S Scenario (~$5850 target)

Jul 5, 2018

As we complete the fifth wave of this rising wedge, we should expect a series of ABC corrective waves. The corrective A-wave would complete the head of the smaller H/S. A bounce off the neckline would likely paint up to the bottom/middle of the purple accumulation zone, completing the B-wave. A harsh C-wave would drive us through the smaller H/S neckline, and bring us down to the bigger H/S neckline (and orange resistance turned support). After the ABC corrective waves, we might expect a bounce off the H/S neckline to the white resistance and the (smaller H/S neckline. Then a drop back to the bigger H/S neckline would complete the bigger H/S.

Jul 6, 2018

Note

We are close to finishing the head of the smaller H/S. Would be careful trading anything here.

Jul 7, 2018

Trade closed manually

Looks like we will be entering some seriously volitatlity in the coming days, can not be certain in which direction yet.

Jul 8, 2018

Note

Similar scenarios I could expect to happen