Inverse Head and shoulders formation for semicondutors ETF
Background: Bullish trend finished on resistance 171 price level. Tripled top on sept 27, 29, and oct 04 on RSI on 70, then channeling wide and volatile through 140-160 price levels.
First: SHOULDER formation oct 02 starting RSI 65, 160-114-128 price oscilation.
Second: HEAD formation oct 17 to nov 02 starting RSI 62, 128-84- 114 price oscilation.
Third: waiting on heavy resistance a second SHOULDER formation. Best escenario: 122-112-128 on 18 days; Mid Escenario: 116-10-128 on 22 days; Worst Escenario: 114-88-128 on 26 days.
Notes:
- wait consolidation correction of this bull trend to complete de H&S patterb formation
- we need to see another bottom for the escenarions on November 12-15
- critical eventes: NVDA earnins 11-15-2018 (This will mark any movement)
First: SHOULDER formation oct 02 starting RSI 65, 160-114-128 price oscilation.
Second: HEAD formation oct 17 to nov 02 starting RSI 62, 128-84- 114 price oscilation.
Third: waiting on heavy resistance a second SHOULDER formation. Best escenario: 122-112-128 on 18 days; Mid Escenario: 116-10-128 on 22 days; Worst Escenario: 114-88-128 on 26 days.
Notes:
- wait consolidation correction of this bull trend to complete de H&S patterb formation
- we need to see another bottom for the escenarions on November 12-15
- critical eventes: NVDA earnins 11-15-2018 (This will mark any movement)