This idea is largely inspired by shkspr who predicted the head and shoulders pattern well before it manifested.
The large upwards trade channel is what I have been using to base most my trades off.
A classic head and shoulders pattern, when it fully realizes, can drop by as much as the pink arrows indicate. I consider the top part of the Head to be an abnormality and therefore have kept the height of the Head within the upwards channel. In a textbook scenario, this would mean that we might get close to $2-$2.50 again. This range also aligns with the lower upwards trend which the second pink arrow touches.
Good news might cause a reversal or even price spike.
The large upwards trade channel is what I have been using to base most my trades off.
A classic head and shoulders pattern, when it fully realizes, can drop by as much as the pink arrows indicate. I consider the top part of the Head to be an abnormality and therefore have kept the height of the Head within the upwards channel. In a textbook scenario, this would mean that we might get close to $2-$2.50 again. This range also aligns with the lower upwards trend which the second pink arrow touches.
Good news might cause a reversal or even price spike.
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