SPELL at a Crucial Juncture: Retesting Head and Shoulder PatternSPELLUSD 1W finds itself in a pivotal moment as it undergoes a retest of the head and shoulder chart pattern.
Headshoulders
Why Bitcoin may move down to 12.5k1.) The 50/200 day EMA are about to complete a death cross (the 50/200 day MA have already done so, not shown above)
2.) The weekly price action has formed a rising wedge
3.) Price stalled out at the first area of resistance, failing to reach as high as the candle close from July of 2021
4.) Weekly RSI has printed a head and shoulders pattern and looks like it wants to move down. Note that there could be an interim re-test of the neckline that provides a small rally before breaking down.
5.) 12.5k is the next area of support after losing 16.5k.
6.) Volume has gone down as price corrected, indicating weakness.
For Bitcoin to return to bullish, it needs to get back above the 50/200 day EMA and MA, and we should see a strong reaction following the death crosses that quickly cross back over.
Short NVDA to $317?Traders,
Couldn't help it. Far too enticing to ignore. NVDA price will be attracted to that $317 level like a super magnet. Not only do we have a H&S pattern now in play, but we have that huge gap to be filled. I mean, trades like these don't come around every day! It's a no-brainer here.
Not fin advice. Pure entertainment only.
Stewdamus
SPY 410 Target Now ConfirmedTraders,
A couple of weeks ago you'll remember I expected a bounce off of our 200 day SMA which coincides with the bottom of my channel, making a strong area of confluence and support. But I wasn't sure if that was the end of our drop? Turns out, after testing the underside of our neckline for a patent classic retest, we have now broken below the 200 day SMA and channel. Tomorrow will provide confirmation. As of now, I will say that our $410 target down is certainly in play. And look how it coincides with the RSI! We should hit 410 right about the time the RSI is also finding its support on our long-trending touch and go.
Best,
Stew
OPUSDTHey guys
What do you think about an upward trend up to the yellow range?
It seems that we can expect an increase and an upward trend from the price range of $1.1641
🔥 Loopring Head & Shoulders Pattern Confirmed: Bears Party!LRC has been losing value steadily after the initial 2023 pump. As of recently, LRC has fallen through the neckline of the head & shoulders pattern, completing this bearish pattern.
In my eyes, this token will see more selling in the coming months. I'm looking at 0.10 for a potential long-term bottom, might even go lower than that.
💱 NZDUSD - Head and shoulders. Bear potential NZDUSD is forming a false breakout and reversal pattern. There is an opportunity for a decline to 0.59000
TA on high timeframe:
1) False breakout of global range resistance
2) The market considers liquidity in the area of 0.59600 as a target
TA on low timeframe:
1) A false breakdown in the "head and shoulders" format is formed
2) Price starts realization of the pattern after breaking its base
3) I am waiting for a fall to 0.5985 and 0.59600.
Key support📉: 0.5985
Key resistance📈: 0.60000
GOLD👑 (XAUUSD) KEY LEVEL TO WATCH 👀AND WHYGreetings, Traders!
Welcome back to another insightful technical analysis, this time focusing on the fascinating world of gold, the XAUUSD pair. Our vigilant observations have led us to unravel the mysteries of this precious metal's price action. Let's jump right in and explore the intricacies without delay.
Our journey begins with the emergence of the initial left shoulder back in February, marked by a price of 1959.74. Progressing onward, we encountered the pinnacle of this structure, the head, which reached its zenith in May, peaking at 2081.82. Completing this intriguing triad is the formation of the right shoulder, which reached its peak in July, reaching 1987.39.
Now, a pivotal focal point commands our attention—the breakout level, a potential game-changer: the NECK LINE BREAKOUT at 1891.76. Envision this scenario—a bar confidently breaches the 1891.76 mark, accompanied by a surge in trading volume. This event serves as our trigger, setting the stage for the next phase. Following this breakout, a meticulous retest of the breakout level becomes paramount.
With our groundwork laid, our gaze turns toward specific targets that vividly illustrate the bearish perspective. Let's outline these noteworthy targets:
- Firstly, we pinpoint the 38% retracement level at 1821.37. This value is derived from applying Fibonacci principles, drawing a line from the neck line breakout (1891.76) to the summit of the head (2081.82).
- Moving along the path, we encounter the 62% retracement level at 1776.36, further illustrating the potential downward trajectory.
- Progressing with our analysis, we reach the 79% retracement level at 1743.62, presenting yet another checkpoint in this bearish narrative.
- Finally, we culminate our journey at the grand finale—the 100% mark. This aligns with the identical distance between the neck line breakout (1891.76) and the towering altitude of the head (2081.82), completing our cascade of bearish targets.
As we navigate the unfolding of events in the upcoming week, our vigilant focus remains fixed on gold, closely monitoring how price action aligns with our analysis. Stay tuned for updates as we observe how this intriguing scenario continues to evolve.
Keep a watchful eye on gold and its unfolding price dynamics.
Happy trading, and may the market be in your favor!
Best regards,
TCPLTP
Failed or Successful HS Pattern TargetsRemain above the yellow line = failed HS, targets are the two red lines.
Fall below the yellow line and the grey diagonal below it = successful HS, targets are the two green lines.
H&S on SPY active. Will $410 target be hit?Traders,
A strong dollar (11 weeks straight of green candles) and an elevated VIX has helped to trigger a break of this H&S neckline on the SPY chart. The pattern is now playing out but we are on support on the RSI chart where we can usually expect a bounce. Additionally, we have strong support at the 200 day ma just below us. Our target on this H&S is 410. The big question is will we reach that target or will the bottom of my channel which coincides with the 200 day ma catch us before falling that far?
Best,
Stew
How to Head and ShouldersGreetings, Financial Enthusiasts! 🌟 If you appreciate our charts, give us a quick 💜💜
The Head and Shoulders pattern is a well-known chart formation in technical analysis. It indicates a reversal from a bullish to a bearish trend, usually at the end of an upward trend.
Key Points:
- Head and Shoulders: Chart pattern signaling trend reversal.
- Formation: Three peaks on a baseline - two lower outer peaks and a higher middle peak.
- Bullish to Bearish: Suggests a shift from an upward trend to a downward one.
- Applicability: Seen on all timeframes, suitable for various traders and investors.
- Entry Levels: Easily identifiable, aiding in trade implementation.
Why It Matters:
The Head and Shoulders pattern provides traders with a visual representation of a trend reversal. It's widely used due to its simplicity and applicability across different timeframes.
The Pattern:
- Formation (Market Tops):
1. Left Shoulder: Price rises, forms a peak, then falls.
2. Head: Price rises again, forming a higher peak.
3. Right Shoulder: Price falls again, then rises but forms a lower peak than the head.
- Formation (Market Bottoms):
1. Left Shoulder: Price falls, forms a trough, then rises.
2. Head: Price falls again, forming a lower trough.
3. Right Shoulder: Price rises again, then falls, forming a higher trough than the head.
Neckline:
- For Market Tops: Connect the low after the left shoulder to the low following the head to create the neckline.
- For Market Bottoms: Connect the high after the left shoulder to the high after the head to form the neckline.
Trading the Pattern:
- Wait for the pattern to complete before trading.
- Entry when price breaks below the neckline (tops) or above it (bottoms).
- Stops placed above the right shoulder (tops) or below it (bottoms).
- Profit targets calculated based on the head-to-shoulder difference and added (bottoms) or subtracted (tops) from the breakout level.
Why It Works:
- Sellers enter as price falls from its peak, reducing aggressive buying.
- The neckline marks a point where traders exit positions, driving price toward the target.
- A lower right shoulder (tops) or higher right shoulder (bottoms) signals a trend shift.
- Profit target assumes forced exits by those in losing positions.
- The neckline prompts many traders to exit, pushing price towards the target.
- Volume analysis helps confirm patterns; expanding volume (bottoms) shows increased buying interest.
Pitfalls:
- Waiting for pattern completion may require patience.
- Not all patterns lead to successful trades.
- Profit targets aren't always reached.
- External events can disrupt patterns.
- Patterns can be subjective; traders should define their criteria.
The Head and Shoulders pattern, though not foolproof, provides a structured approach to identify and act on trend reversals.
Compressing for massive moveFX:EURCHF has resistance around 0.96 and support by lower descending trend line
Besides, I figured out the reversal pattern Inverse Head Shoulders
FX:EURCHF needs to close above the neckline to confirm for this reversal pattern
Wait for next move
EURNZD PRICE ACTION TRADING INV. HEAD & SHOULDERS
Hello Fellow Traders! 🌟
Today, we turn our attention to the EUR/NZD pair, which is showcasing a classic price action reversal pattern, a beacon for potential lucrative opportunities.
On the minute chart, we are witnessing the formation of an inverted head and shoulders pattern, a reliable indicator of a potential bullish reversal. Notably, the price has surged past the critical neckline breakout level of 1.82596, signaling a strong upward momentum.
Stop Loss
For risk management, stops have been strategically positioned at the midpoint of the right shoulder, safeguarding your investment while allowing room for the trade to flourish.
🎯 Profit Targets:
- Target 1:
- 62% Retracement: 1.83090
- 79% Retracement: 1.83219
- Target 2:
- 127% Extension: 1.83607
- 162% Extension: 1.83879
👍 Support Our Insights:
If you find this analysis insightful, please support our idea with a like, and ensure to follow us so you don't miss out on trading opportunities like this one. Your support fuels our motivation to bring you more quality content.
Head Shoulders has done | DowntrendChart 1H TF
SUI has done Head Shoulders Pattern.
It's trading at 5243 and down lower
SUI has the support around 48xx
Wait for next move
Bigger Picture for Solana Weekly Chart
Solana is on the support zone and have a long wick of the last candle. It can be a hammer candle when it's closed
Next target around $39 if it breakout
Daily Chart
The inverse head shoulders has been creating. It's a signal for Long Order.
Resistance at $22
So wait for a breakout neckline
EURCAD INV. HEAD & SHOULDERS PRICE ACTION TRADING 📢 **Hello Traders!**
Today, we're diving deep into the EURCAD currency pair, which is showcasing a fantastic trading opportunity for all of us.
On its hourly chart, EURCAD has beautifully sculpted an inverse head and shoulders pattern. And guess what? The price is currently breaking above the neckline, which is set at 1.47201. This is a clear indication of a potential bullish reversal.
For those who might be new to this, the head and shoulders pattern is a classic in the world of price action trading. It's one of the most reliable reversal patterns out there.
Now, let's talk about risk management. We've set our stops right at the mid of the right shoulder, which is 1.46901. This ensures we limit our losses if the market doesn't move in our anticipated direction.
🎯 **Targets**:
- 62% Target: 1.47778
- 79% Target: 1.47929
- **Extended Targets**:
- 127% Target: 1.48375
- 162% Target: 1.48696
Remember, trading is as much about protecting capital as it is about making profits. Always ensure you're comfortable with the risk before entering any trade.
Happy trading and let's catch those pips! 🚀📈
EURCAD
Inverse Head Shoulder has been creatingChart 4H TF
Solana has the neckline around 22 and BINANCE:SOLUSDT has breakout that level to confirm for reversal pattern Inverse Head Shoulders.
Wait for a breakout and close above the neckline
NFLX head and shoulders daily?watching netflix over the last few weeks/months, seems to be making a clear head and shoulders move downward, and it would be enhanced by disney/hulu initiating the password sharing and limiting customers that were only paying for one or the other, the user pool was probably diluted from the password sharing as a majority of people dont want ads or pay extra premium....
just my thoughts, short term i am looking down but netflix is well established long term
Moving up slowly and wait a breakoutWeekly Chart
ROSE BINANCE:ROSEUSDT is creating right shoulder in Head Shoulders which is a famous reversal pattern.
ROSE needs to break a neckline to complete Reversal Pattern
Daily Chart
ROSE is along the strong support and wait a breakout above purple line
I expect price will go up 0.063 after breakout
Wait for next move and I'll update
Time to go up | $3,6
BINANCE:SNXUSDT has been pulled back to support zone around $2,4 and bounced back
I expect it will go up to at least 2,8 further 3,2 then 3,6
Wait for next move
🥇GOLD - Retest of a previously broken trend line Gold breaks local trend support and updates the low to 1942.5. A reversal pattern is forming on the global timeframe, but the fundamentals are giving the opposite signal.
TA on the high timeframe:
1) On the secondary movement on Wednesday and Thursday, the price failed to update the local high and is declining to the shoulder base area
2) A false breakdown of the liquidity area is being formed. If the price fixes below, the potential for a fall will be formed
TA on the low timeframe:
1) A break of support forms a correction to the previously broken line
2) The resistance area can be tested by a false breakout. For the short scenario to be confirmed we need to wait for consolidation below 1957
3) Price is forming a correction and testing 0.382 fibo, most likely there is a chance for consolidation to 0.5 fibo, but only the price reaction to this area will give us confirmation whether there will be a rise or fall
Key resistance📈: 0.382, 0.5 fibo, trend line
Key support📉: 1948
🚀📈Gold Alert! Bullish Breakout from Head and Shoulders PatternGet ready for a potentially lucrative opportunity in Gold! The shiny metal has formed a compelling bullish setup with the emergence of a head and shoulders pattern. After our successful venture with GBPJPY, we now have another exciting prospect to capitalize on.
The head and shoulders pattern has proven its reliability time and time again, and now it's making an appearance in the Gold market. This classic chart pattern indicates a significant shift in market sentiment and often leads to a powerful bullish breakout.
With this setup, we have the perfect opportunity to take advantage of the bears getting trapped in their own game. By strategically placing a buy position, we can ride the upward momentum as Gold aims for new heights.
Our initial take profit target is set at 1957, a key level where we expect a significant resistance to be tested. Beyond that, our ultimate target is 1975, as we anticipate a continued surge in price. 🎯🚀
Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if you think this insight was helpful !🚀
💱GBPJPY - A global u-turn pattern will send the price downwardGBPJPY is forming a correction which is smoothly developing into a reversal set-up. Yen stops weakening?
TA on the high timeframe:
1) The price is bumping into the limit zone at 183.76
2) Resistance level 182.00 is formed, through which the price cannot pass, correction to the lower liquidity area is formed.
TA on the low timeframe:
1) After the main correction wave, we see a pullback to 0.618 fibo. A clear touch suggests a strong influence of sellers.
2) Price is falling below the key level of 180.858. Our task is to wait for consolidation under the level
3) The correction may become protracted with the formation of a pattern to sell from 180.85 and the breakout of 179.46 will confirm the change of trend.
Key resistance📈: 180.85
Key support📉: 179.46
