- On the daily chart the price is printing an inverse head and shoulders that is currently breaking out!
- Also we have a huge descending parallel channel , so be careful, because there is always a possibility that we will be rejected at the top of the channel.
- As per my Elliott wave analysis – the ABC retracement should be completed ( ZigZag 5-3-5) and now we should go up at least temporarily.
- Wave B is always a strong resistance + 0.618 FIB, place your profit target here.
Shiba Inu – Head and Shoulders is breaking out! + Elliott Wave
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Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.