We now have a bigger h&s with a more traditional horizontal neckline in play that if we were to trigger has a breakdown target around the mid 16,000s. Of course we must await confirmation...but this could potentially trigger a very deep correction....one item of bearish onfluence is there is a me futures gap around this range so a correction this deep is not impossible. Currently low probability we would go that far even if we did close candles below this neckline but worth considering all the same. As of now nothing is confirmed and a fakeout is still very possible. As always await confirmation.
Nota
This could very well be a fakeout..for now it's not something we have to worry about until priceaction flips the 1 day 50ma(in orange) to solidified support...until then it is still va high probability of a fakeout.Nota
price action is currently bouncing right at the neckline so we are still in the fakeout zone for now,...no validation either way just yet.Nota
with the current green candle it appears liek the h&s pattern is going to be confirmed a fakeout...most bear patterns this bull run have broken bullishly so this was always a good probability which is why I stress the importance of waiting for confirmation.
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