Re: ugly inverse head and shoulder is appearing on the hourly chart
An ugly inverse head and shoulder appeared. It is ugly because there is a lot of choppy price actions. However, the most important point is that if we break above the trendline, it will be up. If not, we are stuck in this limbo state and imo bearish since we are in a short term down trend.
Inverse head and shoulders chart patterns are bullish not bearish. The bearish one is the head and shoulders pattern, but this is inverse. Usually an inverse head and shoulders pattern signifies a bottom or a break of a downtrend.