- On the daily timeframe the current price is retesting a breakout of the downtrend
- Reverse head and shoulders may continue following a possible bounce off the 61.8 fib level
Personally, I'm staying out but we could potentially see this TP.
Head and Shoulders Formed on 1D after Bearish move,
signalling reversal if pattern completes.
Right Shoulder forming, CTS Score of 5 as follows:
RSI Divergence on 4HR - 1 CTS
Left Shoulder at Major Structure. (3+Tests on DAILY TF) - 2 CTS
Right Shoulder at Minor Structure. (3+Tests on 1HR TF) - 1 CTS
Strong Pivot point of 0.55000 present at head...
Looks like we are completing the second right shoulder of this reversal pattern ,
All tops of three completed shoulders so far creating a trend line , that's been crossed by the head, looks likely that the fourth shoulder will touch that trendline as well,
Reverse head and shoulder patterns are as reliable as Head And Shoulder tops patterns, they do take...
As mentioned on previous chart for silver reverse head and shoulder pattern on silver is unfolding , interesting to see if it is going to follow the symmetry of the pattern and form a second shoulder to the right as it did to the left -the green line - in which case a nice swing trade inside the blue channel can take place before price finally takes off
I was expecting that cup and handle formation - blue circle - to play out on Silver but it failed.
Now back in the buy zone between 17.5- 15.6 where side ways move with support on this level will form a reverse head and shoulder pattern that will send us to the upside off the channel we have been consolidating since mid January
If not next stop south is the...