Adapted from some other charts for the S&P index, as well as CNBC analyst Todd Gordon, this is a simple play to profit off a possible inverse H&S pattern in the coming months. If we see a test of the Ichimoku cloud on this ETF we can expect a break above the cloud and a possible re-test of all-time highs. This is tricky though, because we are trading below the 200 MA and this pattern looks eerily similar to the H&S pattern in March 2018, where we were trading above the 200 MA but went down to touch the 200 MA. See link below.
cnbc.com/2018/11/16/sp-chart-pattern-points-to-breakout-ahead-technician-says.html
For personal use only, not trading advice.
cnbc.com/2018/11/16/sp-chart-pattern-points-to-breakout-ahead-technician-says.html
For personal use only, not trading advice.
Note
Looks like this pattern was invalidated! Lots of relative weakness in what seems like all of the markets as of late.Note
Umm Tech stocks are overvalued, mmmkay
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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.