$SHOP This most likely hits the 1380 neckline support for pattern completion before going higher & staying there. All indicators are still falling & haven't reached bottom on the daily. This is the 90d for a clearer picture of the H&S.
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@Chark - Happy Friday! Following up on our chat from earlier this week on SHOP. Posting a zoomed in version of the chart with H&S formation and where i drew the neckline. I was getting neckline at aprrox $1430. Based on what I read (please correct me here as needed), if the neckline support is breached, the estimated downside move for the head and shoulders is the height of the pattern—which is the difference between the prices of the second peak to the lowest low of the two retracements—subtracted from the neckline breakout point. That took me to about $1275. There might be more than a few things I may have gotten wrong here, so fire away! :)
@Ankshuman RSI is falling, McClellan & all the other indicators are nearing a bottom but if the mesa sine wave does bearish crossover then I will expect further downside. But right now I'm leaning bullish as the breadth looks good.
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