Head and Shoulders?

Comment

Comment by itchski on February 11, 2009 at 1:07am

i say yes

Comment by ckeltner on February 10, 2009 at 10:22pm

Agreed Transform, I will not be playing any calls during this, even though I see the potential for a bounce to 848. I will just keep adding shorts if it goes up at all.

Comment by farsighted on February 10, 2009 at 10:18pm

yoweeee! sure looks like one, doesn't it??? what chart is this?

Comment by ckeltner on February 10, 2009 at 10:17pm

Shanky...that H&S was pointed out intraday and I kept an eye on it, which is why I didn't pile on again at the end of the day, especially since the spx bounced right at the neckline at 823. I think we start to create the right shoulder tomorrow. Also, 848 is a 50% retrace and would fit in perfectly to create the top in the right shoulder. All it would take is a gap up, trigger some stops tomorrow/Thursday and boom, you have a H&S pattern moving towards completion on a Friday/Monday, which would invoke crash fears and become a self fulfilling prophecy.

Comment by dumbpainter on February 10, 2009 at 9:53pm

eventually, to get us off a bottom...it's worth speculating how this will be achieved:


Triple Bottom
Adam and Eve
Inverse H+S
etc.

Comment by Shanky - "Mr. I Am Short Now" on February 10, 2009 at 9:23pm

Not the VIX - LS would be higher then right - now that you got me looking at it that way. I make very few H&S calls anymore as they have been 90% wrong.

AHHHH - but I see one setting up in SPX now that you have me looking for them. RS top on Feb 8th. Head was the last top at 877 and if we bounce here off the bottom trendline to 850 it will be a thing of beauty with 50pts H to N and will take us 775 which just happens to be one of my targets.

Thanks for getting my eyes open!!!!!!!!!!

Comment by MktMike on February 10, 2009 at 9:05pm

Its actually the nasdaq flipped. I made it last night and decided to show it still because I wanted to see what you guys thought w/o the bias of current market action. I got two respectable answers.

Comment by RICHARD (FRBN) on February 10, 2009 at 8:29pm

that is indeed a H&S so long as we dont rally up past the head it is valid from now and for ever more.

Comment by Timothy Kwiatkowski on February 10, 2009 at 8:27pm

Is this the VIX?