$RMCF Inv. H&S, Wedge & more
Top: right shoulder of an Inverse Head and Shoulder pattern forming for the least year. The right shoulder is taking the form of the wedge, consistently respecting the rising lower trendline (to the tick), and roughly respecting the larger parallel channel midline, which acted as important support in the left shoulder prior to the breakdown.
Bottom: all of the action in the past year is in the context of what appears to be a 17 year double bottom. The Jan 2003 low was $2.30, the Nov 2020 low was $2.58
Conclusion:
The way I see it, RMCF made a long term double bottom. I see enough price action symmetry in the last year that I am confident an Inv. H&S is taking place. With where the stock is in the right shoulder wedge, I would know my thesis is wrong if the stock closes back below the wedge, which would be $4.23 (the low of the 1/29/21 candle)
Bottom: all of the action in the past year is in the context of what appears to be a 17 year double bottom. The Jan 2003 low was $2.30, the Nov 2020 low was $2.58
Conclusion:
The way I see it, RMCF made a long term double bottom. I see enough price action symmetry in the last year that I am confident an Inv. H&S is taking place. With where the stock is in the right shoulder wedge, I would know my thesis is wrong if the stock closes back below the wedge, which would be $4.23 (the low of the 1/29/21 candle)
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