Classic Head & Shoulders Reversal
- Thread starter ess1096
- Start date
In the classical sense you`re minimum price objective for a HnS top is the same distance from the top of the right shoulder to break at the neckline.
Looks like they almost got there on the first break. You would be very lucky if they revisited that level.
Good post!
indahook
CMT level one
Looks like they almost got there on the first break. You would be very lucky if they revisited that level.
Good post!
indahook
CMT level one
Quote from indahook:
In the classical sense you`re [bold]minimum[/bold] price objective for a HnS top is the same distance from the top of the right shoulder to break at the neckline.
Looks like they almost got there on the first break.
Good post!
indahook
CMT level one
I was using John J. Murphy's rule of measuring the top of the head down to the neckline. Subtract that range from the point where the neckline is broken.
Either way, it's going down.
Quote from ess1096:
They could use the four year chart of FINL in a Technical Analysis textbook to describe a head and shoulders reversal. Complete with a retracement back to the neckline.
Should be 7 to 8 points of downside left in it if you don't mind holding the position for a while.
I made this FINL call in January! Unfortunately I sold my Put position a while ago. Still have to pat myself on the back for a good call though
PS: Please ignore the colorful grafitti on that chart, I might have been drinking a bit when I posted it