I've been watching this head and shoulders pattern forming on the 4hr chart for the last several days.
It's really tempting to get ready for a short, but I am being cautious before I do that. The main reason is that the most recent rally and uptrend was pretty strong.
Now we've also had some crazy swings not just in the market but in society. So to me it really could go either way for both.
So as tempting as it is, I am going to wait it out and see what happens before getting back into ANY position. I think its way to early to tell which way we're going to go until the neckline is broken or the pattern becomes invalidated.
This is just my personal analysis and opinion and not intended as trading advice. Do your own due diligence and trade with caution.
It's really tempting to get ready for a short, but I am being cautious before I do that. The main reason is that the most recent rally and uptrend was pretty strong.
Now we've also had some crazy swings not just in the market but in society. So to me it really could go either way for both.
So as tempting as it is, I am going to wait it out and see what happens before getting back into ANY position. I think its way to early to tell which way we're going to go until the neckline is broken or the pattern becomes invalidated.
This is just my personal analysis and opinion and not intended as trading advice. Do your own due diligence and trade with caution.