Inverted Head and Shoulders?
A potential inverted head and shoulders scenario is unfolding on the 4 hr chart. Inverted head and shoulders patterns are ultimately bullish, but we are at a point where we should be ready for an immediate pullback. Below, I have highlighted the neckline of the pattern (yellow dash.) For this pattern to hold true, we would see the price pull back to (approximately) this point and reverse to the upside. If the price continued to decline past the neckline, it could indicate a bearish move. However, I don't believe this will be the case because all of my RUM Wave indicators (which I trust more than any other analysis system) suggest that we are at the beginning of this particular wave.