A Picture is worth a thousand POINTS...
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So, let's throw some nice, round numbers around here:
approx upper limit of Head - 1430
approx neck line - 1230
Therefore, if we're gonna go by the old H&S adage, then we shold see an approx price target of 1030. I've marked that on my charts. Sad thing is, that might just be a point of hesitation on the downward march. Once again, rounding numbers here, I've gone brain dead from listening to the Biden/Palin debate and don't care to do really acurate math. I'll leave that to our ET sticklers. If it doesn't come to fruition, good; if it does, not so good.
approx upper limit of Head - 1430
approx neck line - 1230
Therefore, if we're gonna go by the old H&S adage, then we shold see an approx price target of 1030. I've marked that on my charts. Sad thing is, that might just be a point of hesitation on the downward march. Once again, rounding numbers here, I've gone brain dead from listening to the Biden/Palin debate and don't care to do really acurate math. I'll leave that to our ET sticklers. If it doesn't come to fruition, good; if it does, not so good.
the chart says we're due for a bounce?
Usually, the return move finds overhead resistance at the neckline, and/or the minimum point at the beginning of the 2nd shoulder. So, we won't exactly see DOW 14,000 if that's what you're implying. Another little bear market bounce maybe. This little tidbit of information was brought to you by John J. Murphy. Enjoy yourselves.
Looks like a KKK pattern.
The Kilroy pattern is more rounded.
The Kilroy pattern is more rounded.