The H&S Top (pattern in red) target of 25.27 got MADE in yesterday's trading. The low of the session was 24.85, at 24.73-24.85 horizontal support from the Symmetrical Triangle (Purple #2 and #4).
It took, roughly, an equal amount of time for the target to get MADE as it did for the H&S Top pattern to form and complete, but look at how quickly it came down, for six sessions in a row. They "pulled the plug on it" after the key failure on June 29.
Review:
1. June 29 was a failed retest, below the neckline of the H&S Top.
2. June 29 also was "missing" Data Point #4 for either a Bear Flag or a Rising Wedge. It ended up a Rising Wedge
3. June 30 was a break of, and CLOSE below, the Rising Wedge
4. July 1 was a retest of the Rising Wedge breakdown, and a failure
5. July 2, the Rising Wedge target of 27.12 got MADE
6. July 6, the neckline of the larger H&S Top (pattern in black) was violated, intraday.
7. July 7, the Rising Wedge target of 26.13 got MADE
8. July 8, the H&S Top target of 25.27 got MADE
So, we're done with the small H&S Top (in red) and the Rising Wedge (in blue). Another nice example of "nested" patterns and multiple patterns and how, more often than not, some or all of the targets will get MADE.
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