From the top down analysis, the daily chart and 4hr tf are uptrend which gives a good perspective of where the market is heading to in a long term.
In the 1H chart, there’s a formation of head and shoulders pattern where the market stopped with the right shoulder not completed yet. We would await the formation of the right shoulder leg to the neckline of the head and shoulders pattern.
Then, we would anticipate for the closure of the 1hr candle to break above the neckline of our head and shoulder pattern to validate our analysis. Patiently wait for a breakout and retest on the neckline for a long term position. Please, I am new in the game and open to corrections, thanks. Please comment and like my post too 😉
In the 1H chart, there’s a formation of head and shoulders pattern where the market stopped with the right shoulder not completed yet. We would await the formation of the right shoulder leg to the neckline of the head and shoulders pattern.
Then, we would anticipate for the closure of the 1hr candle to break above the neckline of our head and shoulder pattern to validate our analysis. Patiently wait for a breakout and retest on the neckline for a long term position. Please, I am new in the game and open to corrections, thanks. Please comment and like my post too 😉