very clean neckline but could be continuation version. looking for neckline break to scale shorts/add on retest failure
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broke neckline. Took small positional short here. Will look for add if it breaksdown ad retraces to test neckline like they are apt to do
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Fibs are just a "what if" scenario move from right shoulder. need to see where potential breakdown ends from right shoulder to measure % retrace levels to add to short
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Descending tri on the low tf on this right shoulder dip. Not trading outside my allowed risk here but I think this is about to topple
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As per Magee's tactics on trading this Pattern, it's recommended to look for 40% retrace of right shoulder move or neckline touch, whichever occurs first. In this case they line up with each other nicely so I think selling here is a good entry.
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It's being a little more resilient than I like to see but no reason for concern yet. It's currently skirting this previous diagonal and coming to an inflection point with descending channel resistance. Still think the pattern looks fine as long as we don't get a convincing break above that right shoulder.
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This thing has been a classical chartisting playground lately.
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Last time I'll spam update this idea for a while but thought it was gonna stop us out a little above that right shoulder but the pattern continues to look valid. The way these US indices dumped today makes me think next week's gonna be interesting. Could see some major dip buying or continued fear based dumping I think. If so, I'm confident this is a valid top