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Thursday, September 8, 2011

H&S Alert

Bears have been amply rewarded by the large H&S pattern that completed in early August.  The new ones now shaping up will make that one look puny by comparison.

Pure speculation, but if the H&S and Butterfly patterns play out on the daily chart [The Big Picture] we would complete a larger H&S pattern.  The initial target would be 820, but along the way we'd create a new neckline indicating 743.  Seen here on the weekly chart...



Also, note how clearly the wave count is laid out on the weekly RSI.
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5 comments:

  1. AnonymousSeptember 8, 2011 at 1:43 PM

    Interested in exchanging links? I have added your website to mine.

    http://financeitguy.blogspot.com/

    ReplyDelete
  2. pebblewriterSeptember 8, 2011 at 3:20 PM

    Thanks, I'll check it out.

    ReplyDelete
  3. cantdrive55September 8, 2011 at 4:01 PM

    So where will the S&P be (approx) this time next week ?

    ReplyDelete
  4. pebblewriterSeptember 8, 2011 at 5:57 PM

    Ahhh... spoken like someone with expiring puts. Me, too.

    If the next leg down is a wave 3 of 5 of 1 down, it should be more aggressive than 1 of 5 -- which fell 90 points in 3 tdg days (9/1 - 9/6).

    I'm looking for 135 more points total, and I'm betting that most of that move occurs by next Friday.

    ReplyDelete
  5. cantdrive55September 8, 2011 at 7:09 PM

    Great answer...even if you're half right. We'll see.

    ReplyDelete

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