Alikze »» FTM | Suspicious of the reverse head and shoulders
2024-09-04

🔍 Technical analysis:  Suspicious of the reverse head and shoulders pattern 

- In the  analysis presented  in the previous post, the target exactly touched the bottom of the channel, which then met demand and caused a 110% growth.

- Considering that the recent corrective wave had a correction of 0.23 fibo of the previous wave, so we should expect an upward trend.

- In addition to the fact that the recent corrective wave was a three-wave and its corrective momentum was in the form of three waves, if its correction is not complex in combination, we can expect the continuation of the upward trend after a short-term correction.

- Therefore, the first target of the neck line can be considered the first supply area. After defeating the supply area, the next targets will become available.

💎  In addition, you should pay attention to this point, in order to verify the upward trend, the previous floor should not be touched (Invalidation LVL range), in which case the analysis will be invalid. 
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