bearish brkdown of bear pennant; below Head & Shoulders necklinethe bear pennant did what probability expected it to do and finally broke down...as it did it has now dipped below the neckline of the head and shoulders. There is a chance on the new 4 our candle that one of our 4 support lines can break its fall and bounce it back above the neckline of the head and shoulder before this 4 hour candle closes to prevent it from triggering but there's also good odds that we may indeed trigger the head and shoulders. A solid support rebound zone would be the 4hr 50ma...potentially even the 4hr 200ma but more likely the 50ma....I shorted but put fractional buy backs at 7777, and 7641. there's still good odds we could dip further than that...however I see that the ascending trendline is now overlapping the eve pink curved trendline to create a double reinforced support so that could be a good rebound zone as well. I'm hoping we dip to the 50ma and then proceed to be bounced back above it before the 4hr close there by avoiding triggering the head and shoulders...if the head and shoudler is triggered and validated we could potentially dip below the eve trendline on a wick before rebounding but that doesnt necessarily invalidate the trendline instead it may just need to have its angle slightly readjusted since its currently a projection angle...changing the angle slightly of the eve could maintain all the previous candle touches it has while being able to encompass wherever the drop takes us as well..anyways for now we are short at least to the 200ma and probably the 50...and possibly even down to the eve trendline as I predicted a few ideas back that we would find our way back down to it after the bull impulse subsided. Best of luck out there this is only what I'm planning to do and not meant to be taken as financial advice...goodluck and thanks for reading.
