A Breakout Through LNKD’s H&S Neckline (Red) would Target the Navy Megaphone Bottom
LNKD has drawn a clear head and shoulders on its chart with a neckline (red) at VWAP of the megaphone it’s been working on since March 2013. A breakout through the neckline would target the navy blue megaphone bottom.
If you start seeing fake breakouts and higher right shoulder highs, it suggests a megaphone right shoulder is forming. That would usually get LNKD back to its navy blue megaphone top one more time.
A triangle right shoulder would confirm the H&S and greatly raise the odds of a breakout downwards.
GDX Reached the Bottom of its Falling Wedge (Blue) Today
GDX reached the bottom of its falling-wedge bottom (blue) today.
The low so far is an exact touch on the wedge bottom. A major correction like this one would usually not end on an exact touch like that. Usually we’d see a break of the formation bottom or some kind of sideways move like a megaphone to end this big correction.