A head and shoulders is an indicator of a reversal. Let me just copy and paste it for you.
On the technical analysis chart, the Head and shoulders formation occurs when a market trend is in the process of reversal either from a bullish or bearish trend; a characteristic pattern takes shape and is recognized as reversal formation.
Magic Poop Cannon has a gigantic following. Huge props on that. It's an accomplishment for sure. That following deserves better TA than his most recent chart though.
Look at all of the head and shoulders formations that we can highlight! That last Inverse H&S is actually the SAME inverse H&S that MPC has been calling for for days.
Look at all of the failures of reversal that occurred with this! In fact, I only see one that was accurate and that was the head and shoulders pattern WITHIN a head and shoulders pattern! Every red arrow is a failure and the major red arrow at the end is a suspected failure of the H&S pattern.
The content highlighted in his chart is more of a mountain range than it is a head and shoulders pattern.
If you use these shapes to determine market movements, understand that they are often more precise on a short term time frame. On a large scale there are many different elements that play into this chart.
If I'm wrong, I'll post an amazing apology and laud MPC as the best trader on Trading View!
On the technical analysis chart, the Head and shoulders formation occurs when a market trend is in the process of reversal either from a bullish or bearish trend; a characteristic pattern takes shape and is recognized as reversal formation.
Magic Poop Cannon has a gigantic following. Huge props on that. It's an accomplishment for sure. That following deserves better TA than his most recent chart though.
Look at all of the head and shoulders formations that we can highlight! That last Inverse H&S is actually the SAME inverse H&S that MPC has been calling for for days.
Look at all of the failures of reversal that occurred with this! In fact, I only see one that was accurate and that was the head and shoulders pattern WITHIN a head and shoulders pattern! Every red arrow is a failure and the major red arrow at the end is a suspected failure of the H&S pattern.
The content highlighted in his chart is more of a mountain range than it is a head and shoulders pattern.
If you use these shapes to determine market movements, understand that they are often more precise on a short term time frame. On a large scale there are many different elements that play into this chart.
If I'm wrong, I'll post an amazing apology and laud MPC as the best trader on Trading View!