Good evening! A while ago I posted a chart stating I thought the Inverse Head and shoulder pattern is likely to fail. Well, I think I MAY have been wrong! That massive green candle is getting us closer to validation and the target. There has been some talk about an even larger one in play so I took a look. From what I see, it is definitely valid so far. If we continue this bullish strength and high volume on the pushes, it MAY play out. You could consider it a complex head and shoulders (almost has two heads.) Please see the notes created for key indicators that the pattern is valid.
Remember, IHS or HS, the pattern is NOT confirmed or valid until the right shoulder completes with good volume and closes a candle above the neckline. If this is the case, it could send us all the way above 9k, right at the Fib noted.
If that were the case, I imagine FOMO might kick in hard and we will test 10k again.
Remember, IHS or HS, the pattern is NOT confirmed or valid until the right shoulder completes with good volume and closes a candle above the neckline. If this is the case, it could send us all the way above 9k, right at the Fib noted.
If that were the case, I imagine FOMO might kick in hard and we will test 10k again.