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Thread: S Potential Drop

  1. Default S Potential Drop

    Head and Shoulder.png

    Hopefully you saw this before I did. The drop today was a little ahead of time. As you can see the Head and Shoulders (H&S) pattern has just crossed the neckline and has the potential to drop to $635 (W4500) which is about 6.5% from $677. These numbers are targeted.


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  3. #2

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    Default Re: S Potential Drop

    Nice to see someone charting the S fund. Hope your wrong about the drop.
    May the force be with us.

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  5. #3

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    Default Re: S Potential Drop

    Until it closes below 678, the H&S hasn't triggered.

    Someone is fighting hard (Big Ben?) to keep all of these index H&S patterns from triggering...
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  7. Default Re: S Potential Drop

    Thanks for the clarification. I wasn't sure if it had to close or break the plain to be triggered. Also, since volume is not a factor in the W4500 I wasn't sure if this was a legitimate H&S.

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  9. #5

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    Default Re: S Potential Drop

    Quote Originally Posted by bailemi View Post
    Thanks for the clarification. I wasn't sure if it had to close or break the plain to be triggered. Also, since volume is not a factor in the W4500 I wasn't sure if this was a legitimate H&S.
    Not sure if volume has a dog in this fight... but I only know the basics...
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  11. #6

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    Default Re: S Potential Drop

    Until it closes below 678, the H&S hasn't triggered.

    Someone is fighting hard (Big Ben?) to keep all of these index H&S patterns from triggering...
    Uptrend posted in his blog that S Fund has solid support @675 and after that a potential bounce...

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  13. #7

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    Default Re: S Potential Drop

    Quote Originally Posted by Dutchy View Post
    Uptrend posted in his blog that S Fund has solid support @675 and after that a potential bounce...
    Well, we hit the 675, so maybe we keep bouncing...
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  15. Default Re: S Potential Drop

    Neckline Support coming to fail.png

    I believe Uptrend and I are reading the chart the same. I wasn’t fully knowledgeable about the H&S pattern and assumed when the market crossed the $675 neckline it would break down. However, the market must close below the neckline to confirm the H&S and a breakdown with a potential loss is expected. The neckline at the time was support and was proved to be support. Using the Fibonacci Retracement you can see the halfway point (50) is at $696. I was expecting the market to bounce up a bit before the neckline was broken and this would fulfill my expectations. Due to the IPO of FB, which I expect to see a rise in the W4500, the H&S may get skewed. I was expecting the breakdown a week before the IPO and expecting the IPO to gain and test the H&S new resistance line (H&S neckline).

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