We hear so often about the head and shoulders pattern in T/A but it is a pattern that is very easy to see after it has occured - and subsequently is of no use when it becomes apparent, anyway I thought I'd attach this chart of LYC as an example - it is a H/S pattern in devolpment and to reach its full conclusion there has to be a fall below the neckline and then price projection might be realised..
Or, there's another way of looking at the price action as just a pull back to a trendline with the resistance level at that $1.05 price.
Just sharing my thoughts that there are multiple ways at looking at chart activity.
