If a chart could talk what would the pattern in the NYSE be saying?
The NYSE pattern would be shouting a message of extreme caution…
A near text book “Head & Shoulders” pattern is in place, that is “extremely uniform!”
This is not a prediction….it is a recognition of an established chart pattern that more often than not leads to much lower prices.
If this pattern read is correct and should support give way at (1), notice what happened the last time on the chart that a “support break” took place.