H&S Pattern
NDX is showing a probable H&S breakdown.
Why we are confident that this pattern may work - because
1) The rejection came from 50% retracement level of the earlier down move; and
2) the move from Head to the neckline is a clean and strong 5 wave structure
3) momentum indicator has given a sell signal after completing its cycle
5 wave move always increase the probability of the follow-up move.
Lets see how this develops
Why we are confident that this pattern may work - because
1) The rejection came from 50% retracement level of the earlier down move; and
2) the move from Head to the neckline is a clean and strong 5 wave structure
3) momentum indicator has given a sell signal after completing its cycle
5 wave move always increase the probability of the follow-up move.
Lets see how this develops
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