$MUBI Potential Inverse head and shoulders
Real nice pattern forming here, with these potentially being the right shoulder / partial decline.
Nice reaction backtesting .1045, we could come down and fill in that wick a bit still, but shows demand, where there was once resistance.
The context is nice, a momentum shifting structure, after a long bear market, and 886 retracement, and the partial decline would statistically favor a breakout if we retest the range high again.
Major target in the case of the IH&S or a broadening bottom are the same, a 100% measured move which would bring you into the next zone up between .17 and .19.
The 618 would be a major target as well and as high as .30 for the 2.618
Nice reaction backtesting .1045, we could come down and fill in that wick a bit still, but shows demand, where there was once resistance.
The context is nice, a momentum shifting structure, after a long bear market, and 886 retracement, and the partial decline would statistically favor a breakout if we retest the range high again.
Major target in the case of the IH&S or a broadening bottom are the same, a 100% measured move which would bring you into the next zone up between .17 and .19.
The 618 would be a major target as well and as high as .30 for the 2.618
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