If 1 hr head and shoulders reaches full breakdown trgt= 19.5k

1 hour patterns tend to not reach their full targets a lot more often than the time frames that are 1 day or longer…however if we are still inside the larger downtrend then hitting the full target is a high probability. Lots of doom expected this week which could lead to further bearish patterns after this one. Will have to wait and see if we can get an encouraging bounce once this breakdown is over. *not financial advice*

Comment:

The larger time frame pattern of the bullflag may be enough to prevent this 1 hour pattern from reaching its full target…we will have to wait and see.

Comment:

Sure enough like many small time frame patterns this did not reach its full breakdown target. Most likely because it was just a 1 hour pattern…however it is encouraging for the bulls to start seeing bearish patterns not reach their full targets as that can be a signal that the trend is getting ready to change to an uptrend on the macro.

Comment:

We have now officially nullified this h&s pattern. Seeing a bearish pattern like this fault to get close to its 100% measured move tells us the tides have shifted and may lead to an official confirmation of the uptrend before too long.

Comment:

We must remember however that this was a 1 hr chart pattern. This would be much more solid evidence of a definite shift in the trend on a 1 day or higher chart pattern…it’s still worth considering though inside the bigger picture.