2 potential H&S Patterns that could dump price to 9.6k

2 Sep 2020

whichever one of these head and shoulders patterns is mroe valid matters not as if either validates the breakdown target is essentiallly the same. If this occurs we will likely fill the 9.6k CME futures gap. I assume once the gap is filled things will be bought right back up and if it does breakdown this will simply be one last effort to liquidate all overleveraged longs. Dipping down to 9.6k will still just be a higher low as long as rebound shortly there after.

2 Sep 2020

Catatan

I'm only certain we will trigger the breakdown if we can flip the 1 day 50ma(in orange) to solidified resistance.

2 Sep 2020

Catatan

price is still technically inside a bullish ascending triangle (not shown here) as well if we can close the daily candle inside the triangle that will be a good sign for the bulls.

4 Sep 2020

Catatan

the head and shoulders triggered its breakdown and came within 1 and a half pips from the breakdown target. I anticipate more potential downside though especially since price action is this close to the cme futures gap.