Yellow lines - Weekly channel
Green line - Resistance
White lines - Bear channel/Right shoulder
Ok so I zoomed out here for a better perspective.
Currently premarket we are sitting right underneath our weekly channel resistance which would be around 393.80- 394 today.
Sometime when there is a H&S the right shoulder can sometimes for a "Fallen wedge " on it's way down like illustrated with the additional white line inside the bear channel.
Currently Our bear channel resistance and our weekly resistance aligns in the same area so if we break above 395 that would be an extremely bullish move that could take us to the next resistance at 399-400. After 400 the next resistance would be 410.
Bearish scenario We reject at 394 and head lower to retest that 21EMA around 391. Unless your an experience scalper there's not really a long position to take below 395or a short position above 391. I'll be waiting to see which side wins out and go from there
. so this post here is neutral
Green line - Resistance
White lines - Bear channel/Right shoulder
Ok so I zoomed out here for a better perspective.
Currently premarket we are sitting right underneath our weekly channel resistance which would be around 393.80- 394 today.
Sometime when there is a H&S the right shoulder can sometimes for a "Fallen wedge " on it's way down like illustrated with the additional white line inside the bear channel.
Currently Our bear channel resistance and our weekly resistance aligns in the same area so if we break above 395 that would be an extremely bullish move that could take us to the next resistance at 399-400. After 400 the next resistance would be 410.
Bearish scenario We reject at 394 and head lower to retest that 21EMA around 391. Unless your an experience scalper there's not really a long position to take below 395or a short position above 391. I'll be waiting to see which side wins out and go from there
. so this post here is neutral
