11.2 Monday Market Overview: MU is forming a head-and-shoulders top; take an early short position

Starting today, U.S. stock market hours switch to winter time: 22.30–5.30 the next day. Please note.

With U.S. interest rates recently rising and crude oil prices climbing, is the U.S. accumulating global liquidity, drawing all the funds into America, and then aggressively harvesting the rest of the world? U.S. stocks have also pulled back slightly—perhaps to attract retail investors to buy the dip?

MU (Micron) rebounded to 991.3 before quickly falling back to 863, a pullback of nearly 128 points. Meanwhile, a head-and-shoulders top formed at 991.3, with the left shoulder-to-head formation now complete.
The right shoulder is currently holding above 896.75. The rebound may face resistance at 932.27 and pull back, completing the head-and-shoulders top pattern.

Based on the head-and-shoulders top pattern, MU may meet resistance near 932.27 and pull back to the neckline support at 896.75. After consolidating there, it may break below again, completing a 1:1 measured move from the head to the neckline.

Take a small early short position at 932.27, or short in the direction of the trend after a false breakout on the right side. Stop at 970.69, targets at 896.69 and 872.69, risk-reward ratio 1.51.

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