Just For Fun -- Inverse Head and Shoulders on the Daily?
I saw this potential pattern forming and figured if I didn't chart and post it and it wound up happening, no one would believe me. This is certainly a long shot, but if we see it develop -- OH BABY!!
It seems if we look hard enough we can see (anything?) a left shoulder between July-October of 2015. This then leads to the inverse head which culminated in it's bottom ~26 in February. Recently we returned to the same "neckline" and have begun a downwards move.
In my last post I posted an ascending wedge pattern on CL hourly chart, with a target price of ~43.50 based on the measured move of the vertical distance of the wedge at the time of its formation. This is still my target for CL shorts. However if we do see a move below both $43 and $41.50, this means we may very well be in business and be watching price action like a hawk. If the action around $37.75 looks good, well it may just be our lucky day!
I took TP two different ways:
(1) the vertical distance between the neckline and the recent low price in February, added to the *potential* breakout of the *potential* H&S
(2) using the Libra pattern set-up, I measured a move 3x the distance of the S/L for this formation, which would obviously go under $26. This brings us to the same price level as move (1), ~75!
This is surely a long shot, but if it gives us the formation we should certainly take advantage!!!
It seems if we look hard enough we can see (anything?) a left shoulder between July-October of 2015. This then leads to the inverse head which culminated in it's bottom ~26 in February. Recently we returned to the same "neckline" and have begun a downwards move.
In my last post I posted an ascending wedge pattern on CL hourly chart, with a target price of ~43.50 based on the measured move of the vertical distance of the wedge at the time of its formation. This is still my target for CL shorts. However if we do see a move below both $43 and $41.50, this means we may very well be in business and be watching price action like a hawk. If the action around $37.75 looks good, well it may just be our lucky day!
I took TP two different ways:
(1) the vertical distance between the neckline and the recent low price in February, added to the *potential* breakout of the *potential* H&S
(2) using the Libra pattern set-up, I measured a move 3x the distance of the S/L for this formation, which would obviously go under $26. This brings us to the same price level as move (1), ~75!
This is surely a long shot, but if it gives us the formation we should certainly take advantage!!!
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