US30 Inverse HnS Potential Failure

Price retraced to the .618 level and made an inverse head and shoulders on the daily chart and then broke slightly below this level. It then retested the trend line at the top of the channel and was rejected. Price may bounce off the daily pivot, in green, and retest the top of the channel and potentially break out. However, I am also watching for price to possibility break below the pivot and test the lower trend line at the .786 level. In this case, I would anticipate price continuing down to the 1.618 extension level of 23 800 before making any solid moves north.