Friday going into MLK Day and a long weekend. Usually not a large day down over the last 10 years. As long as we don't open below 4635 tomorrow - I'd be considering it a good BTFD opportunity if price confirms.
Here's how the potential Head and Shoulders top/reversal down is looking at today's close. The current value of the neckline is about 4590 and we'd need to pierce that to confirm the pattern. This type of Head and Shoulders is fairly reliable should it complete. Also, take a look at the RSI below as well and note that it is already breaking the RSI neckline.
Annoying overnight action. Got short covered too much too soon. Just covered my runner at 15476 so flat. Was looking for a flush, it's working it's way down slowly, but wore me out. Will rest up to attack it tomorrow.
EDIT: I thought you meant 15250, now I see you obviously said 16250.... so never mind my mistake and my apology. It's a holiday weekend like someone else said so maybe that helps you some... but there is no way we're getting 16250 tomorrow man. If we get 16250 tomorrow I will post saying you're the king and than never post here again lol. It's like 0.5% probability
I reckon it will get down to that neckline at the very least. But there will be a ton of buyers in that zone, so I am looking to stay short and take profit towards that neckline. Even if that neckline is breached I would rather get short again after a retrace back up to that neckline.
Opening below 4635 as it seems we'll do as of now could be setting up a another day down instead. Careful, bulls.