The smaller inverse head and shoulders is currently forming the head of the larger inverse head and shoulders pattern. I’d say it’s at least a week until we break out of 6800 which will send us up to 7750 which is our ultimate target. This will complete the larger inverse H&S’s head so from here we retrace back to around 7100-7200, however we should not break the pink trend line (Note: the pink trend line may move slightly based on how the right shoulder that is currently forming forms; however once this is set and finalized - it should become our new uptrend line)
Once back at 7100-7200 we start to form the final piece of the right hand shoulder. This pattern then sends us up to 9100-9300.
If you disregard the inverse H&S you could simultaneously say that these are both within bullish ascending triangle formations, so either way it is a very bullish outlook.
Once back at 7100-7200 we start to form the final piece of the right hand shoulder. This pattern then sends us up to 9100-9300.
If you disregard the inverse H&S you could simultaneously say that these are both within bullish ascending triangle formations, so either way it is a very bullish outlook.
Comment:
As mentioned above I have now updated the pink lower trend line. If we break below this trend line then we go down. I don't think we will break it though. See new analysis:
