Posted by chartboy on 24th of Jan 2022 at 03:26 pm
Edz…that was one of the two I am sure people could envision. I
would not consider either to be true HNS patterns.
Remember, the neckline of a true head and shoulders is
supposed to represent an important price level where there is major
resistance/support that is later broken. That break should then
result in a fairly predictable measured move, neither of those
patterns had those characteristics.
Juxtopse that to the actual pattern, which was the ABC and
you will see how quant programs could all be recognizing the
underlying wave counts and trading it.
The programs do that using the same program I do, which is
Demark’s D Wave Study, which unlike elliot is not subjective and is
fully quantifyable because the rules are slightly different.
Posted by chartboy on 24th of Jan 2022 at 03:07 pm
While I can see what you are looking at on a 1 min, no it is not
an HNS. Go to a 5 min. It is an ABC advance setting up targeting
the area of the gap fill. (That is supported by the 5 wave rally
off the lows (wave a) followed by a three wave pullback to support
(wave b) on the 1 min chart.)
Doesnt mean the pattern cant fail, but that is what it is for
now.
Posted by chartboy on 24th of Jan 2022 at 05:36 pm
Classic D Wave target for Wave C, which is a 1.618 projection of
Wave A and was shown as the green horizontal, was 440. That was a
classic premeditated measured move pattern into overhead resistance
because the overhead TDST resistance, shown as the red hashed line
in the charts, was also 440.
If
there was any question if that was the correct patter to watch, the
fact that we are currently at 440 should answer it.
Possible inverted H&S on ES
Posted by racerick on 24th of Jan 2022 at 02:48 pm
Possible inverted H&S on ES 5min Matt?
One of my criteria for
Posted by roger on 24th of Jan 2022 at 03:38 pm
One of my criteria for a head and shoulder pattern is psars on the right shoulder..... check
There was one on the
Posted by EdZ on 24th of Jan 2022 at 03:11 pm
There was one on the SPY earlier today.
Edz…that was one of the
Posted by chartboy on 24th of Jan 2022 at 03:26 pm
Edz…that was one of the two I am sure people could envision. I would not consider either to be true HNS patterns.
Remember, the neckline of a true head and shoulders is supposed to represent an important price level where there is major resistance/support that is later broken. That break should then result in a fairly predictable measured move, neither of those patterns had those characteristics.
Juxtopse that to the actual pattern, which was the ABC and you will see how quant programs could all be recognizing the underlying wave counts and trading it.
The programs do that using the same program I do, which is Demark’s D Wave Study, which unlike elliot is not subjective and is fully quantifyable because the rules are slightly different.
While I can see what
Posted by chartboy on 24th of Jan 2022 at 03:07 pm
While I can see what you are looking at on a 1 min, no it is not an HNS. Go to a 5 min. It is an ABC advance setting up targeting the area of the gap fill. (That is supported by the 5 wave rally off the lows (wave a) followed by a three wave pullback to support (wave b) on the 1 min chart.)
Doesnt mean the pattern cant fail, but that is what it is for now.
Here's what I was looking
Posted by racerick on 24th of Jan 2022 at 03:35 pm
Here's what I was looking at - Playing out well so far
C wave qualifications now met…not
Posted by chartboy on 24th of Jan 2022 at 03:27 pm
C wave qualifications now met…not optimal that it is occuring with a +13 count, but not surprising given the current environment either.
That abc measured into the
Posted by steve on 24th of Jan 2022 at 03:53 pm
That abc measured into the gap and now extending
Classic D Wave target for
Posted by chartboy on 24th of Jan 2022 at 05:36 pm
Classic D Wave target for Wave C, which is a 1.618 projection of Wave A and was shown as the green horizontal, was 440. That was a classic premeditated measured move pattern into overhead resistance because the overhead TDST resistance, shown as the red hashed line in the charts, was also 440.
If there was any question if that was the correct patter to watch, the fact that we are currently at 440 should answer it.
post a chart of that
Posted by matt on 24th of Jan 2022 at 03:01 pm
post a chart of that if you can