PTON setup for a potential 40% drop

Head and shoulders playing out with the right shoulder half formed .

Wait for a break of the neckline and a candle close outside of the neckline /*Resistance before shorting

alternatively you can also wait for the back test of the Neckline and upon rejection open Short .

SL placement above the last swing high .

Point of control is a match for the move to the downside as a further confluence.

200EMA will also create a slow down in the move to the downside

Set a price alert around the $100 region and await the reaction at the Neckline .

Always use a SL and know your Invalidation

Like and Follow for regular setups Much appreciation

Komentar:

Neckline finally broken , Remember the more times we test the support the weaker it becomes . Lets see if we back test that region and dont be surprised to see that prev support now act as a resistance so if you want to add too your short that is the place to do it

Komentar:

Backtested the Neckline and rejected