Ascending wedge vs bull pennant3/20/2024 ![]() Why this graphic pattern is called "Head and Shoulders" is clearly seen in the picture below. As soon as it forms, there is a high probability that a new downtrend will begin. This pattern can be found at the end of an uptrend. Instead of breaking the support, the price breaks through the maximum of the pullback.Īs soon as the price closes above this level, the pattern will end and become a signal for the end of the downtrend.
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