Couple of Bearish Patterns I missed in my previous analysis.
I was originally expecting price to be range bound, however, there are a couple of bearish patterns that were staring me right in the face after the price action the last 3 days.
1) Head * shoulder - the two shoulders have now formed, despite them being relatively small.
2) M -top - this double top is very distinct, but I'll caveat that before the most recent down-trend, there was arguably a W pattern.
Bull case: See the wick? It touched the down-trend line and exploded upward ,a clear rejection from the previous path. Therefore, even if we take another down-trend from here, it will not fall into the previous trend.
Therefore, I have no case here. The best trade here is to short from a clear break from the neckline OR buy long above the "right shoulder". Scalpers should love the volatility should it consolidate.
Good luck all - cheers.
1) Head * shoulder - the two shoulders have now formed, despite them being relatively small.
2) M -top - this double top is very distinct, but I'll caveat that before the most recent down-trend, there was arguably a W pattern.
Bull case: See the wick? It touched the down-trend line and exploded upward ,a clear rejection from the previous path. Therefore, even if we take another down-trend from here, it will not fall into the previous trend.
Therefore, I have no case here. The best trade here is to short from a clear break from the neckline OR buy long above the "right shoulder". Scalpers should love the volatility should it consolidate.
Good luck all - cheers.
