Nasdaq 100 - potential head and shoulders pattern

An inverted head and shoulders pattern could be spotted on the H4 chart of the Nasdaq 100 index. Left and right shoulder has stopped near the same level and the head has created a bottom at a potential support level of 11 000 pts.

H&S pattern typically might be considered as a trend reversal pattern so if the level of 11 547 pts. is broken we could expect another impulse wave. The textbook target is located at 12 175 pts. just below the all-time high.

It seems that only a move below 11 000 pts. may negate the mentioned pattern.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

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