____________________________ We have this come July 30th: I suspect they'll surprise to the upside just to keep the party going. "Only negative 4%?! Buy Buy Buy!"
Patterns within patterns tend to be stronger setups but understand that H&S formations are common in trading ranges and not the same dynamic as a reversal setup.
The neckline on a H&S is one of the better technical indicators imo, same for the inverse H&S.. but I'm pretty sure it was derived and designed for much longer time-frames, ie months. At least it is for individual stocks which is where I have seen it manifest as advertised many times. I always wondered if it can be applied on a short term basis to an index though. Seems like you could, as long as everything stays the same, ie no news or that sort of thing. But even at that, seems like you need more than a few hours using 1 or 5 minute candles.
We are close to that gap fill now. I believe we can get there by 1 PM and can then close on the highs of the day.
The “Middle Finger” pattern is more common than most people realize. It is fractal and is almost always present in one time-frame or another. The Middle Finger pattern transcends multiple analytical methodologies and often conspicuously presents itself after a losing trade.
I don't know. And neither do you nor anyone else. I feel no dread today. I felt none yesterday. I confess to having felt quite giddy during the Panic of 2020. I'm ready to party like it's 1999. Remember the internet? I sure wish they'd bring it back. It had such promise. I know I wasn't the only one who thought it would be with us forever. Remind again how it ended? The average company that comes to suckle at the public teat is gone in just 15 years. I wouldn't expect many of the 1995-2000 IPO's to still be trading on their own. The fact remains that it is the expectation of future growth, earnings, and performance that drives stock prices, not what the company did during a business shutdown during a pandemic. Look at all the shorts getting demolished because they are not focusing on the fact that TSLA is going to have record deliveries in Q3 and Q4, but instead are jumping up and down on the hood of their Toyota Prius because new TSLA registrations in California were down during the shut down.