Taking a look at the past crash of the Malaysian market we can see that a head and shoulders played out. After it it broke we saw a retest of the neckline before heading down. We can also notice that the height of the head was about the distance of the move as well.
So here we are today where history may be repeating itself. It is too soon to short as its uncertain how high or if the head and shoulders will complete, but if we wait for the retest of the neckline in the past we might be able to catch this short to the downside. based on the height of the head the target is 1400, but in my opinion this crash could be worse due to how bad the crisis is ,but it will be a good spot to take some profit.
So here we are today where history may be repeating itself. It is too soon to short as its uncertain how high or if the head and shoulders will complete, but if we wait for the retest of the neckline in the past we might be able to catch this short to the downside. based on the height of the head the target is 1400, but in my opinion this crash could be worse due to how bad the crisis is ,but it will be a good spot to take some profit.
Note
This is what we should be looking for for a good indication for the top of the right shoulder to finish .
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.