Head & Shoulder. 23000 once again ?

Jul 15

Hi everyone,

Hope all are doing well.

Previously I published an idea of Inverse Head & Shoulder. It hit the target at ~24600 and exactly reversed from there.

The key point to note in previous breakout is, It was not immediately broke the pattern after it's completion. Rather it tested the right shoulder low and broke that. From that only it started and reached the target. That's why you can't rely higher timeframe pattern to take intraday movements.

I am expecting the similar scenario in the current chart as well. Head & Shoulder completed but it is testing the right shoulder high one more time and sharp selling may have triggered from there till the target of ~23160.

This is just for long term purpose and do not take any intraday based on this.

Note: This is for purely educational purposes only. Please consult your financial advisor before taking any trade.

Jul 17

Trade active

Market reached 24277 almost to the right shoulder high so it may be considered as tested. Let's see how it plays from here. Head and shoulder may acted from here till 23000.

Jul 17

Order cancelled