Pretty straight forward chart. If price makes a clear break above 505$, this inverse head and shoulders could take us all the way to a new all time high of about 840$. The fibonacci channel also confirms this as past resistance is now new support.
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If the inverse head and shoulders fails to play out, I would look for the 430-435$ price level to be strong support now, but if that also fails to hold then I would look at the pre covid high of about 347-350$ for very strong macro support.
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Here zoomed out on the 3 month with a different fib channel, we can see the 4.618 extension is now resistance. But if we do get above this level, this confirms why the inverse head n shoulder would create an impulsive rally to the upside.
Here zoomed out on the 3 month with a different fib channel, we can see the 4.618 extension is now resistance. But if we do get above this level, this confirms why the inverse head n shoulder would create an impulsive rally to the upside.
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Seems to be backtesting the neckline of this Inverse head and shoulders as support, looks bullish going into April, a very strong month for market historically
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The breakout is finally happening.
The neckline at around 506$ was backtested as support on may 4th and then smashed through the 530$ resistance which could have also been the neckline. Obviously necklines are subjective, the more touches the more relevant they become.
On a linear scale, I have a target of about 720$ for this inverse head & shoulders pattern. On a logarithmic scale though the measured move would bring us all the way to a new ath of 870$ and the top of the original fib channel of this idea. Interesting confluence there.
The breakout is finally happening.
The neckline at around 506$ was backtested as support on may 4th and then smashed through the 530$ resistance which could have also been the neckline. Obviously necklines are subjective, the more touches the more relevant they become.
On a linear scale, I have a target of about 720$ for this inverse head & shoulders pattern. On a logarithmic scale though the measured move would bring us all the way to a new ath of 870$ and the top of the original fib channel of this idea. Interesting confluence there.
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LRCX looks like it's going to go to 535$ to confirm it as support. Double top + Head and shoulders pattern seem to point this way. Still bullish on longer term timeframes though.