The third option is a more bearish nested 1-2 i-ii down. I did not place those labels on the chart because I am too lazy. This option is ruled out if the red horizontal line is breached.
On the 60 min chart, there is a larger falling wedge developing and should that play out with a breakout higher, it will confirm that the blue zigzag is correct.
If the next best option is playing out, it would support the head and shoulders on the 60 min chart.
Until the bulls recover the 20 DMA or break thru the red horizontal line, I will give the advantage to the bears.
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| 5 Min |
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| 60 Min |
