Head & Shoulders within a second Head & Shoulders

27 May 2020

Currently the analysts are pointing at a H&S in the hourly charts. But if you look even closer at the 15 min there is actually a second one forming. Weekly is WAY overbought so I think its going to reach the weekly support on this drop down. Shortly after we could see a balance from the oversold daily chart and it will bounce back up to maybe the 9k level. That bounce will depend on the weekly close and new resistance levels from that. Short for now. Long later. BUT overall this chart will be bearish for the next month or so.