Is anyone else seeing a potential inverted hammer forming on the daily chart right around the S2 pivot at 67311? I'm curious if this could signal a short-term reversal given the oversold RSI. What are your thoughts on its potential validity, considering the recent bearish momentum?
Update: I've been running some simulations based on historical data, and it appears that inverted hammer formations near S2 pivots have about a 60% success rate in initiating a short-term bounce. However, that's only if confirmed by the next candle. I'm also keeping an eye on the 20 SMA, currently hovering around 67929; a break above that would further solidify the reversal thesis. Might consider a small long position with a tight stop-loss just below the S2, say around 67250, just in case this goes south. Anyone else looking at similar setups?
