Updated

HIMS had a fake-out upwards, now fake-out downwards next?

As provided in the Title. We are currently breaking out of a wedge on LTF. But on HTF is also forming a wedge. So I'm looking at an ABC scenario down to the marked area.

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Break-out upwards is ongoing right now. Let's see how high it goes and if a break-down follows thereafter.

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Didn't go as high as I hoped. This is daily whipsaw so take it with a grain of salt. Not running into conclusions based on this, but it's looking bad for HIMS in my opinion...

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3D and Weekly MA's in between here. Let's see how price reacts. But things are not looking great for HIMS bulls here;

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HIMS army is not happy here. But let's be honest, why is the price allowed to create a big wick up so we can celebrate, but when the downside target is just as big we refuse to believe it.

Anyway, could this be a (local) bottom? I think it might be. The HTF target I shared on this chart is still there. While the S&P might also be at a local bottom, there is no guarantee it will not put out another leg lower afterwards. For now I'll stick with this HTF idea, but not ruling out starting a position at current price.

Martechnic

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Martechnic