For one reason we need to wait it out 1 to 3 weeks. This can work, but highly unlikely. A Daily H&S is pretty uncommon. I give it a 10% chance or 30% of a heavy downturn. What's notable is that formations do happen and price reacts to fundamental patterns, it's physiological and simply this. What's important is that the trader is looking for all kinds of patterns to trade from.
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as you can now see .. at first a "heavy retrace" did NOT happen... price retraced slightly down then made a slightly newer high, which provided a secondary Bearish diversion signal.. and then came the H & S Heavy Retrace 2 months later.