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Originally Posted by Summerset
A H&S (-ve consolidation) has confirmed on 4hr- should take price to 3070.
Close longs now- or @ small loss, if SL not left @ b/e.
Re-long again at 3075/85. Remove limit longs from 3110/15 vicinity
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Yesterday's H&S played out taking price down to 3070 as expected.
Now a multiple H&S formastion is playing out.
Recommend to close longs at <3150-65> for intraday players, and re-load @ <3087-3105>. Intraday players can trade both sides of the multiple shoulders this way too & Fro for the next 42 hrs.
Longterm, we hold our longs @ 3075, and will only bailout on a pullback to the neckline, after it gets
successfully penetrated downward with an outburst of momkentum (Green bars -shown below on chart).
There will be ample time then to close the longs @ b/e on a pullback to the neckline. Else we would miss the chance of riding the longs on a breakout upwards from the multiple right shoulder(s), if they get to act as an inverted double top as happened previously with the left multiple shoulders. (See Chart attached).