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.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
This pattern has been widely
is that a inverse head and shoulders on the 60 min spy chart?
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.