(Click On Chart To Enlarge)
Basis the 5-Minute Chart, the SPX broke down from a H&S Top at 1:40PM that put a target of 882 IN PLAY. There were two "nested" patterns in the Right Shoulder, the patterns in red and in yellow. Nested patterns tend to give added strength to breakouts/breakdowns.
Math for the target:
The distance between the neckline and the Head is about 20points. The pattern broke down at about 902. 902 - 20 = 882.
2 comments:
I have been following your blog for past 3 weeks and i am liking what i see. You have been right on the money.
Thanks, Usman. This rally had more in it than most thought, particularly in individual issues, like POT, about which I just posted. That one rallied 75% in just two week's time.
Good luck and Happy Holidays to you!
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