Must keep a close eye on this potential 4hr chart H&S pattern

Apr 11, 2020

if this H&S pattern triggers the breakdown target is 6k. Odds are if this pattern triggers we will also trigger the 1day chart rising wedge pattern that has a breakdown target of 4.3k or so. Hopefully this will only be a fakeout but these asymmetrical patterns love to trigger and catch everyone off guard by surprise so we must play close attention to it here and as always only act on obvious confirmation of a breakdown...it could easily send a couple wick s under the neckline without confirming so as always tread cautiously until absolute confirmation.

Apr 11, 2020

Note

one other thing to note is the head and right shoulder of this pattern is also a valid inverse cup and handle pattern and that pattern has a breakdown target of 6.1k

Apr 11, 2020

Note

if we can get price action back above the strong horizontal trendline at 6878 (not shown here) then flip that trendline back to solidified support it would greatly increase the probability of this pattern being a fakeout so thats also a good zone to pay attention to.

Apr 13, 2020

Note

still no confirmation of a breakdown and we are once again back above the neckline. A close above the neckline on the 1 day chart, or even better above the 6878 horizontal trendline, would greatly increase the probability of a fakeout.