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we're here. since it's a renewed strength, so forget about the last dashed arrow. need a new plan.
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Red price levels #1 would represent a larger H/S pattern, while yellow price levels #2 a slightly smaller one. I purchased at the 200MA in the 4-hour TF as that is the first level of support. Presently we have a POSSIBLE H/S reversal pattern in play intra-day. If that fails then I'm looking at #2 and #1 respectively. A bounce off the 200MA (where we are now) would argue that we are in pattern #2.... The yellow horizontal bars represent equal time (take it for what it's worth). Look at the FED meeting and debt issues in congress to coincide with turning points and plan accordingly...
We could also get a pop HERE allowing the MACD Hist to cycle to positive before turning back down to hit either #1,#2 and forming the necessary divergence to make the trade at a RS more probable... Tighten stops to break even on any strength off this 200MA (4hour) would be a good idea in any case. This is NOT a recommendation to buy or sell (observations only).