This is the point I was talking about yesterday, the fact that we couldn't break and hold over the 1M Bear Pennant tip today is a pretty clear bearish rejection.
We also dipped out of that new Bear Pennant fractal real quick, no hanging around to test the structure a bit more.
This makes it now look like another 3rd lower low H&S setup for further likely downside.
Not to mention an exact rejection off our red-dotted top of Down Megaphone extension.
As I noted previously, a rejection under 3900 and especially within the DM structure would be particularly bearish and that is the case playing out now.
I've wagered a couple off the cuff Right Shoulder predictions here just for fun.
We also dipped out of that new Bear Pennant fractal real quick, no hanging around to test the structure a bit more.
This makes it now look like another 3rd lower low H&S setup for further likely downside.
Not to mention an exact rejection off our red-dotted top of Down Megaphone extension.
As I noted previously, a rejection under 3900 and especially within the DM structure would be particularly bearish and that is the case playing out now.
I've wagered a couple off the cuff Right Shoulder predictions here just for fun.
Note
It recovered the Bear Pennant overnight, lets see if it can hold...Note
Oh snap, this might be the LL H&S taking shape...Note
It's testing the last right shoulder now for a potential break or rejection...Note
Ah interesting, this is what's happening...Note
Yep lol...
Data analyst with a passion for best fit lines B)
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Data analyst with a passion for best fit lines B)
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.