The head and shoulders pattern may sound familiar, as it shares the same name as a reversal pattern, but the meaning here is different. In a normal cases, it was a reversal pattern, whereas now it is a continuation pattern. Looking at the picture above, it appears like the head and shoulders pattern in the case of an uptrend, only upside down, indicating a downward trend.
Trade closed: target reached
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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.