Looks like we hit the top of top bearish trend line pretty hard and could easily make our way back down to 6k. Possibly breaking out next time we test it...
cblewis_78
Great work... But might i suggest that the dip after this head and shoulders will actually create the head of an inverse H&S, rise back to the top of the yellow trend line and start to create the right shoulder. Looking at the structure, the peek of the H&S is the end of the Elliot Wave (EW) Cycle. Then comes the ABC correction. The peak of your structure's "X" is "A". The top of the right Shoulder is "B". "B" to the left Shoulder of the inverse H&S you have drawn is "C" creating the head". The new EW goes from the left shoulder peek to the Yellow trend line equaling Wave . Wave 2 is to your center dotted trend line and Wave 3 typically the longest would complete the right shoulder and extend to the length supported by the new inverse H&S.
+1
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Weavs844
cblewis_78
@cblewis_78, Thanks for taking the time and looking at my analysis and responding! I actually do agree with you on that. I think I may have been pessimistic in the price action at the time of making this. I drew one up a few weeks back following your idea you mentioned more closely. (wish I wouldn't have drawn the lines as steep as I did in it and more in the line the previous patterns, but get the gist)
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