Price turned to the upside after the false breakdown below the confluence area formed by the 38.2% retracement level with the sliding line (SL) and with the median line (ml) of the minor descending pitchfork. Now is pressuring the upper median line (UML) of the major ascending pitchfork, has retested the red uptrend line as well.
Could still increase to retest the confluence formed by the uptrend line with the upper median line (uml), or the one formed between the median line (ml) of the black ascending pitchfork with the upper median line (ml) of the minor descending pitchfork.
A rejection from the mentioned confluence areas will signal a Head and Shoulders pattern, it will be confirmed only after a valid breakdown below the 38.2% retracement level.
