Daily IH&S forming with a declining neckline.There was high bearish volume to form the bottom of the head which many are trying to call the bottom. In the right shoulder you can see that we are currently testing the resistance at the 50EMA which has rejected the bulls multiple time through the year. There is a small sliver of hope that the Daily MACD cross will trigger a pump to finally break through this god forsaken resistance and just possible complete this extremely ugly IH&S...
If the 50EMA does reject the bulls again then we are looking a strong possibility of heading down to $27.48 where there is a potential double bottom (support from Dec 28th) if that fails to hold then I believe that we are looking back towards $22.
If the 50EMA does reject the bulls again then we are looking a strong possibility of heading down to $27.48 where there is a potential double bottom (support from Dec 28th) if that fails to hold then I believe that we are looking back towards $22.
