Rejection of Yearly pivot
There is quite a lot going on on this Daily chart, so let me point out some aspects. The chart maintains it's bearish nature with the last head and shoulders technically remaining a valid top as long as price fails to break above it's right shoulder (even though the specific pattern reached it's target price in October of last year). Should we see price invalidate the HnS by taking out the right shoulder @ 13k we can assume we have a double bottom at play with a target @ 13944. However the current rejection of the yearly pivot @ 12650 does not instill confidence and can quickly turn into a new interim double top (along with it's first rejection in Feb). At this point I would assume the highest probability interim play to be a re-test of the flag breakout @ 12270. This level also corresponds with a FVG and the Weekly pivot. Further breakdown below the confluence level of the 100 and 200 SMA will also trigger the break of the bigger channel and bear flag with a target of 11260.
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