Head and shoulder idea: UPDATE

BITFINEX:OMGUSD   OmiseGo / Dollar
300 7
Sorry, I was wrong placing the critical point
Hi any further update? Are you still expecting a fall? If so, till what level?
Shwayze techpv
@techpv, for these patterns the trend is usually to begin on the 3rd hump (shoulder, head, 2nd shoulder), and once it hits neck line (where head met both shoulders on either side) it usually will spark a sell off that is equal distant from the top of the head to the neckline. So the green vertical arrow would be the measured distance that the red vertical arrow is supposed to follow if the formation takes place. Hope this helps. Also, I have been noticing this trend, along with a bearish divergence in the charts. A bearish divergence means the volume of buying gets lower with each of the progressively higher highs, until there is a reversal.

This may still be in play.
techpv Shwayze
@Shwayze, Thank you for your sharing insights. At the moment, looks like it has started following the dotted Green arrow.
Do you see any reversal to 5.5 or lower level?
Shwayze techpv
@techpv, I sold half my coins between 7.20 and 6.90, I have scrolling buys from 6.5, 6, 5.5, 4, and 4.5. It depends how much volume, but there was almost a definitive reversal at the top. It's still trending downward on multiple charts, in a channel however, which can look like a bunch of ups and downs. Watch closely at this level, Just be ready for it to drop to 5.5, down to almost 4. The moving average is also moving above the chart, and if it moves downward from here with a strong movement, that should be the signal.

confusion Shwayze
thanks for your comment. It's not over. Sometimes beginning H&S bounces back from the neckline (support line) and forms a double top with the same support lines and targets. Let's see what the god of candles is leading us to.
confusion confusion
with same idea right before my post. Well explained, that you can read here
Following IOTA, expecting same pattern, head is almost done ;-)
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