We are still dealing with an unconfirmed inverted HnS
Despite fake breakout of neckline it's still a decent pattern
If it fails again, target to the downside are in blue
Targets in red if it succeed
PA bounced off iota historical rising TL
We've had correction to fib 0.236 which is typical of a wave 2
Despite reversal the mood hasn't turned bullish yet, definitely getting this "oh no, down, there we go again" vibe -which is what fuel a third wave rally.
On smaller TF, i'm watching the convergence highlighted in red for reversal/confirmation of the move.
With a possible pullback down to the pivot if the channel break down in that area.
If such move were to happen, a smaller inverted HnS would be formed.
Happy trading !
Despite fake breakout of neckline it's still a decent pattern
If it fails again, target to the downside are in blue
Targets in red if it succeed
PA bounced off iota historical rising TL
We've had correction to fib 0.236 which is typical of a wave 2
Despite reversal the mood hasn't turned bullish yet, definitely getting this "oh no, down, there we go again" vibe -which is what fuel a third wave rally.
On smaller TF, i'm watching the convergence highlighted in red for reversal/confirmation of the move.
With a possible pullback down to the pivot if the channel break down in that area.
If such move were to happen, a smaller inverted HnS would be formed.
Happy trading !