This is not financial advice. If we can hang onto our low and break up and out of this falling wedge we could be looking at a potential Inverse H&S. I'm personally not betting big on this play yet, but if we start working our way back to the neckline I'll feel more confident in the possibility.
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Closer look at the right shoulder
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Close up of the right shoulder formation. Little bit larger of a pullback than I would have liked but nothing to worry about yet. So long we hold the dotted white line we're on track to move up.
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mini inverse H&S was broken, but no major confirmation below the line. Fake breakdown? Large inverse H&S still perfectly on track.
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As soon as we confirm an hour above this line I think a retest of $7600 is coming. Both of those things could happen in the same hour though.
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I'd like to see us confirm a daily candlestick over the white resistance line with the Inverse H&S move we're following.
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Still watching this. Realistically anything above $6428 could be the right shoulder forming. I think people are stuck between watching the shoulders I was, or watching the dip to $6500 as the left shoulder. Which would explain why we started to round out our right shoulder but failed and dumped to $6870.
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Here's a visual representing what I mean by my last comment/update. Possible? you tell me but that's what I think is happening.
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All the areas I'm watching. A daily confirm over the highest line will be an extremely bullish indication. We've moved above that line before, but we've never confirmed a daily candlestick above it.