$RSP Triple Nested 1-2s and Head and Shoulders Pattern

$RSP presents us with a beautiful head and shoulders pattern that can be counted as a nest of ones and twos. Watch for the neckline to break.

RSP

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Things I Like and Things I Don’t

I’m not going to be quite as ridiculous as looking for a reversal for days and then immediately changing my mind the moment we get it, but in an effort to remain as objective as possible, I want to lay out evidence I see for both cases (a top is in vs. we need another high).

1. I said that my gut told me the “bull flag” was going to fail, and it did. That part’s great.

2. Surprisingly little technical damage has yet been done. Lots and lots of EMA support here on various timeframes:

ES

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Note: When my work is first published on this website, it is made available to patrons who support my work through my Patreon account. Over time (usually after a period of a few months), I make the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page.


In the Event That We Do Not Want to Be Stupidly Bullish, Here Is an Option

I wish I had a grand conviction. I’m torn: price says up (here’s that count), but my bearish instincts are screaming at me to be cautious. I have to believe the madness will eventually end. I really would rather it be sooner than later.

Here’s an alternative we can keep in mind to prevent us from becoming intoxicated by price alone.

I noticed on $RSP the other day that the weird low we put in formed a beautiful triangle. See where I have the primary (pink) 4.

RSP

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Note: When my work is first published on this website, it is made available to patrons who support my work through my Patreon account. Over time (usually after a period of a few months), I make the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page.