RE: RE: Rays of HopeBacon:
It is possible to make out a Head and Shoulders pattern. It, however, would not be considered Bullish. A Head and Shoulders is a topping formation or a bearish continuation pattern. It appears that with today's action, the minimum measurement of travel down from the neckline of the H&S pattern has just about been reached.
Given the Bullish Hammer candlestick pattern, further downside, although possible, likely should be limited. There could be a test of today's low.
What would be nice is an "Inverse Head and Shoulders" which is a bottoming and bullish pattern. With an Inverse H&S the neckline is at the top of the pattern, and the Head, situated between two upside-down Shoulders, is at the bottom. It is possible that one can form based on today's action representing the Head, but it currently does not exist.
What TA is showing currently is a potential start for upward movement of some sort.
We'll c.