This pattern has been widely spotted and was discussed in the
weekend newsletter. The concern here is that such a pattern at the
top of a trend is much weaker (and less likely to materialize
fully) and to me it lacks symmetry. To confirm it would
require a decisive close above the neckline. Could also be
viewed as a cup and handle. However, the SPX is currently in
a short term downtrend as it once again made a lower low.
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is that a inverse head and shoulders on the 60 min spy chart?
Posted by onoffon on 18th of Apr 2011 at 05:39 pm
post a chart. I don't
Posted by Michael on 18th of Apr 2011 at 06:22 pm
post a chart. I don't see it.
60 min chart
Posted by onoffon on 18th of Apr 2011 at 06:45 pm
thanks -- now I see
Posted by Michael on 18th of Apr 2011 at 09:29 pm
thanks -- now I see it. Yes, I remember someone posting it and others saying its not so valid at the top of a trend.......
This pattern has been widely
Posted by steve on 18th of Apr 2011 at 07:12 pm
This pattern has been widely spotted and was discussed in the weekend newsletter. The concern here is that such a pattern at the top of a trend is much weaker (and less likely to materialize fully) and to me it lacks symmetry. To confirm it would require a decisive close above the neckline. Could also be viewed as a cup and handle. However, the SPX is currently in a short term downtrend as it once again made a lower low.