Algo is a Sunday driver

2 Mar 2021

I started charting this yesterday. I noticed what was a possible inv. head and shoulders (yellow). While the head and shoulders formation filled in I noticed a smaller inv. head and shoulders (orange) inside the right shoulder of the larger one. It suggested, if complete, it would get up to around 1.16-1.18. Once it broke out of the smaller inv. head and shoulders (orange) it consolidated upwards a bit and then dipped. After dipping it came back up to land where it started. This, coupled with another smeller dip, made me think I saw a cup and handle. If this formation completed it would confirm the target of 1.16-1.18. It completed and reached it's target- the neckline of the large inverted head and shoulders (around 1.16). It then met resistace, abruptly dropped of and eventually created another head and shoulders formation (not inverted). It has completed the formation and has dropped off.
I am still up in the air in regards to this last head and shoulders. I have been right thus far aside from having to adjust the yellow outline to favor the lagging timeline because it's moving so damn slow.

Will it rally back or was that it's only attempt at breaking out upwards?

Constructive criticism and pointers-corrections welcome.

Happy trading!

2 Mar 2021

Not

I should've mentioned that I'm still very bullish on this. I think it will break through and end up around 1.40, but that's just me. Let me know what you think!

2 Mar 2021

Not

Also, the yellow outlined inv. head and shoulders could be interpreted as a cup and handle since the sides start and end evenly. The consolidation downward would be the handle. If this is the case, it is still possibly on track to pop out the top side of this though I'm sure the outline will need to be adjusted for more time and a few dips as long as it holds true to form.
Fingers crossed.