Nice to see someone charting the S fund. Hope your wrong about the 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.
Nice to see someone charting the S fund. Hope your wrong about the drop.
May the force be with us.
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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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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- Don't put stuff in your signature that a Mod doesn't like
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Uptrend posted in his blog that S Fund has solid support @675 and after that a potential bounce...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...
Rules:
- Trade what you see, not what you believe
- Don't put stuff in your signature that a Mod doesn't like
"Government exists to protect all people’s rights, not some people’s feelings." - A. Barton Hinkle
Great Tools:
http://www.CreditKarma.com
http://www.Mint.com
http://www.SaveUp.com/r/nmJ
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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