ARB - Heading Down To Print an Inverted Head & Shoulders PatternSome alts are now collapsing with bearish momentum candles and it was now a profitable decision to partially sell.
As we looked at before with the Resistance and Demand Line both providing liquidity pockets, this was an ideal setup for price movers to push up into the double pocket, trigger lots of stop losses and limit buys, then move back down.
And that is exactly what has happened and a Shakeout Reversal Pattern was formed; creating the Right Shoulder of a Head & Shoulders pattern and now ARB is dumping with a second bearish momentum candle printing.
We'll have to see where this candle closes, but if you look at the size of the current and previous candle, they are a fairly equal opposite compared to anything in the uptrend.
For that reason I think this may be a deeper correction here.
And so ARB will soon be hitting some supports if it continues down but I think this looks like it may get all the way back to re-test Left Shoulder Support and print a symmetrical Inverted Head & Shoulder patter as we looked at before and then if it gets there is will have a good chance to hit the 0.618 of the retracement Golden Window 🧐.
Not advice
