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

Newsletter

Subscribe to our email list for regular free market updates
as well as a chance to get coupons!