Last updated on 30/04/2011
To be or not to be . ( Pictures Updated april 30 2011)
The Nyse and NDX and also Dow and S&P are trying to form an inverted Head and Shoulders pattern , as this pattern is still forming the possibility exists that it will end in a double or triple top formations.
The Nyse and NDX and also Dow and S&P are trying to form an inverted Head and Shoulders pattern , as this pattern is still forming the possibility exists that it will end in a double or triple top formations.
Inverted H&S patterns are not to be expected after an uptrend , but it is a reversal pattern against a former downtrend, but it could "Fail "and finish with an upside break of the neckline.
Traders should be aware of a reversal day when top is broken. If no reversal day on the break we expect that the targets of the H&S pattern will be reached.
Traders should be aware of a reversal day when top is broken. If no reversal day on the break we expect that the targets of the H&S pattern will be reached.
The Nyse Composite is showing a similarity as well in time as in Price.
The Left and Right shoulder are perfectly matched in price , if this will hold true for the timing as well , then expect the break of the neckline at
22 april , however since this day the market is closed the break should be on monday 25 april.
The Left and Right shoulder are perfectly matched in price , if this will hold true for the timing as well , then expect the break of the neckline at
22 april , however since this day the market is closed the break should be on monday 25 april.
So traders watch these pricelevels and timings on monday 25 april
The inverse H&S did do the job . The Russel 2K is at its All time high.
See Monthly chart.
See Monthly chart.
Updated
Updated
Update 30 april 2011