H&S AA

I thought pattern traders might find this useful.
A broad head&shoulders top pattern is printing on Alcoa daily chart.

 

You have to make sure you are seeing what the chart is telling you, not what you want to see.

 

very big picture - swing-up swing-down
big picture - uptrend
medium picture - sideway

 

One of their plants was shut down temporarily and won’t be fixed until early next year. This will impact production this quarter, but should resume next quarter.

 

Just looks in consolidation to me.

 

https://elitetrader.com/et/threads/...t-right-here-baby.343012/page-15#post-5499178

 

Current AA chart:
https://stockcharts.com/freecharts/candleglance.html?aa

 

Price has closed below 100 SMA for 3 consecutive days which improves % of a successful breakout south. Last time price stayed below 100 MA for so long was in Oct 20.
Now waiting for a throwback and another test of MA this time from below.