Just want to point out something which is probably obvious. We have a confirmed break out from a H&S bottom formation on S&P cash. Rough target is 1575 for the SPX cash.
FWIW
Head and Shoulder bottom
Started by
swingtrader
, Jul 13 2007 09:56 AM
2 replies to this topic
#2
eminimee
-
- TT Member
- 14,307 posts
I don't care who's fur is flying...
Posted 13 July 2007 - 10:10 AM
1590 is the measured move. I'm thinking that if the pattern fails..it will be at 1561.80
sorry for the mess ...the pattern would fail anytime we come back below neckline before reaching target.fwiw
http://stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=0&mn=5&dy=8&i=p92544065564&a=93045759&r=3397.png
sorry for the mess ...the pattern would fail anytime we come back below neckline before reaching target.fwiw
http://stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=0&mn=5&dy=8&i=p92544065564&a=93045759&r=3397.png
#3
selecto
-
- Traders-Talk User
- 6,871 posts
Member
Posted 13 July 2007 - 12:08 PM
Permit me a small rant ( 
) on a pet peeve:
As with most chart patterns, the reliability of a target prediction off the pattern is very dependent upon the right volume being in the right places across the formation of the pattern. It may look like a duck, but to say its going to quack like one requires an acknowledgement of volume.
While we may very well advance here, checking the SPX/SPY volume makes me question the reliability of the pattern for the target.
) on a pet peeve:As with most chart patterns, the reliability of a target prediction off the pattern is very dependent upon the right volume being in the right places across the formation of the pattern. It may look like a duck, but to say its going to quack like one requires an acknowledgement of volume.
While we may very well advance here, checking the SPX/SPY volume makes me question the reliability of the pattern for the target.
Edited by selecto, 13 July 2007 - 12:10 PM.
