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Headandshouldersformation

Possible Head and Shoulder reversal @ 1H chartOn the down trend, there is a nice bullish head and shoulder forming with a possible long entry up to the resistance @ 1D. We see the left shoulder and the head that formed nicely and the right should formation looks like it is supporting at the left should for a possible long entry. I already entered the trade per my strategy which led me to enter a little earlier at the right shoulder formation. You could wait a little longer for confirmation since the right shoulder hasn't finished forming yet.
NYSE:NILong
by gsotolongo
1
Head and Shoulders the accurate price action patternHead and Shoulders Pattern Tutorial - Head & Shoulders chart pattern is a price reversal pattern that helps traders identify when a reversal may be underway; this reversal signals the end of an uptrend. The formation of a H&S pattern resembles a baseline or neckline with three peaks where the middle peak is the highest between the two right and left peaks. Head and Shoulders patterns are statistically the most accurate chart pattern, almost 85% of the time they reach their projected target. The formation of a H&S pattern resembles a baseline with three peaks where the middle peak is the highest. The two left and right peak don't have to be at the same price, but the more closer they are to the same level the more stronger the pattern becomes. The pattern completes when price breaks through the neckline. Stay Tuned, 👍;
TVC:SPXEducation
by tapasdhanadana