Rangy - here's the all three scenarios Steve showed a while
back:
You can see the bearish H&S example where a RS is forming,
as well as a larger inverse H&S (in brown) which is exactly
what happened last year and is bullish.
Yes it's a possibility as well, but an inverse H&S could
also form. A lot of people see that H&S possibility is
one problem, when too many people see it, it doesn't happen.
Remember last year summer time, everyone was looking for a right
shoulder to form a bearish H&S pattern on the SPX, well a RS
formed, but it then morphed into an Inverse H&S instead.
I would just keep an open mind and react to what the market
gives you vs predicting.
honzer- Steve and
I have been talking about that for a while now, as I stated last
night, the SPX needs to go above 1311.80 to totally negate this as
a 4th wave. Remember your Elliot Wave Rules, wave 4's cannot
overlap wave 1's.
Now there are alternate accounts of course with the low's being
in place last week with a Flat of some sort, or being a wave 4
triangle that can push higher.
Comments??????
Posted by honzer on 29th of Jun 2011 at 02:28 pm
On this chart by cobra
How about a symetrical head
Posted by randy on 29th of Jun 2011 at 02:44 pm
How about a symetrical head and shoulder forming up to the 1350 area ?
Rangy - here's the all
Posted by matt on 29th of Jun 2011 at 03:20 pm
Rangy - here's the all three scenarios Steve showed a while back:
You can see the bearish H&S example where a RS is forming, as well as a larger inverse H&S (in brown) which is exactly what happened last year and is bullish.
Yes it's a possibility as
Posted by matt on 29th of Jun 2011 at 02:48 pm
Yes it's a possibility as well, but an inverse H&S could also form. A lot of people see that H&S possibility is one problem, when too many people see it, it doesn't happen.
Remember last year summer time, everyone was looking for a right shoulder to form a bearish H&S pattern on the SPX, well a RS formed, but it then morphed into an Inverse H&S instead.
I would just keep an open mind and react to what the market gives you vs predicting.
honzer- Steve and I have been
Posted by matt on 29th of Jun 2011 at 02:36 pm
honzer- Steve and I have been talking about that for a while now, as I stated last night, the SPX needs to go above 1311.80 to totally negate this as a 4th wave. Remember your Elliot Wave Rules, wave 4's cannot overlap wave 1's.
Now there are alternate accounts of course with the low's being in place last week with a Flat of some sort, or being a wave 4 triangle that can push higher.
so how would we know
Posted by racer999 on 29th of Jun 2011 at 02:50 pm
so how would we know which one?
thank-you
Posted by honzer on 29th of Jun 2011 at 02:37 pm
thank-you