Previous TA, I predicted that we would complete the right shoulder of the H&S.
You could argue if you play around with the neckline that we've completed the H&S pattern, but the lack of volume on the right shoulder is very disconcerting. In order to break out of the H&S for a very decent gain, the volume has to increase on the right shoulder.
If we break towards the bear side, I'd expect to retest the bottom.
If we have a high volume break towards the bull side, I'd expect to touch 5600s.
Either way I think the next move either to the up or down will be fairly significant moves (+- 5%)
At this point I am winding down some positions and putting stops on both sides of the next move.
Be safe is better than being sorry at this moment.
50/50
Not trading advice, and good luck.
You could argue if you play around with the neckline that we've completed the H&S pattern, but the lack of volume on the right shoulder is very disconcerting. In order to break out of the H&S for a very decent gain, the volume has to increase on the right shoulder.
If we break towards the bear side, I'd expect to retest the bottom.
If we have a high volume break towards the bull side, I'd expect to touch 5600s.
Either way I think the next move either to the up or down will be fairly significant moves (+- 5%)
At this point I am winding down some positions and putting stops on both sides of the next move.
Be safe is better than being sorry at this moment.
50/50
Not trading advice, and good luck.
