Inverse H&S may fail

4 Feb 2015

We have what looks like a perfect inverse H&S forming, but the price looks weak on the right shoulder. Breaking $220 and invalidating this H&S is a very bearish signal, opening up to further downside targets, the first of which is at the recent low with even lower targets still possible. In the event that we break the neckline at $245, we can then consider bullish targets, the first of which is $260-$270, which I previously outlined as a possible target.

I have also previously outlined the bearish targets below, which I will link to.