SC/USD Head and Shoulder Completed Potential 27% Drop
SC has completed a head and shoulder pattern. This is a measured 27% drop to the horizontal red dotted support. Invalidated if price doesn't drop below neckline or if price breaks above right shoulder. Potential incoming cross of 55/200 EMA on 4H chart.
That being said, we aren't terribly far from the bottom of the channel we have been in on this uptrend. We could see a reversal. First target would be bottom of channel if you choose to short. Personally I downsized position in hopes of accumulating some more. I'm not actually "shorting" on an exchange in the traditional sense but just pulling some of position out to try to buy more cheaper.
Long term I still have high hopes for SC so I will buy back more if starts looking more favorable.
**Disclaimer: This is not financial advice as I am not a professional. Trade at your own risk!**
That being said, we aren't terribly far from the bottom of the channel we have been in on this uptrend. We could see a reversal. First target would be bottom of channel if you choose to short. Personally I downsized position in hopes of accumulating some more. I'm not actually "shorting" on an exchange in the traditional sense but just pulling some of position out to try to buy more cheaper.
Long term I still have high hopes for SC so I will buy back more if starts looking more favorable.
**Disclaimer: This is not financial advice as I am not a professional. Trade at your own risk!**
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