FAZ: Double H&S Top - Symmetrical Triangle

On Friday, the FAZ had an upside pattern breakout in the 1-Minute chart that put 44.60-44.90 IN PLAY. That got MADE (high on the session was 44.90), but then the FAZ put in these back-to-back H&S Tops, putting 39.00 and 39.06 IN PLAY. The FAZ then formed a Symmetrical Triangle at the neckline resistance of the second H&S Top (the one in yellow), best seen in this 1-Minute chart:

Symmetrical triangles, generally, are continuation patterns, and expect them to resolve in the direction of the trend, which is bearish. If this Symmetrical Triangle breaks down, that will put a target of roughly 37.97 IN PLAY, and based on the current opening indication, it will break down at the open.

If that target should get MADE, and if the FAZ can rally from near there, the FAZ Bulls will have a chance at a short-term Double Bottom with Friday's low of 38.00. If the FAZ breaks 38.00 by very much, it once again will be in freefall to the downside.