Dow Head & Shoulder set up

[Dell-Boy]

Quote from optionpro007:

This is the first time I see a wedge "target". Can you elaborate on how often it reaches this target?

Thanks !!

 

[Dell-Boy]

.

 

[myminitrading]

Quote from myminitrading:

Now surely the forces on wall street will not allow this to happen.

Break with above average volume.

 

[humble1]

They didn't stop the SOX from follow through so far and yet the Wilshire still has not broken down.

 

[myminitrading]

The rollover to the new September contract will bring it back up to the neckline, according to theory that is the time to short.

 

[Bitstream]

yes, pretty ugly sight, and prospects of course...have a look back at '04 and the 4tops retracement took place there; same thing cud well happen here. the drop was a touch more than 1000points [100spx], now, we dropped just about 700 from the highs... it reasonable to think we cud keep droppin' in a similar pattern, innit[?]

 

[humble1]

the downside measurments on this intraday chart are almost done. let's see if it rallies from around this level shortly [no pun intented]

 

[humble1]

what a lucky guess......

 

[fitrol]

Quote from humble1:

what a lucky guess......

I hope it was a profitable 'lucky guess'!!!! Excellent call....we had an objective of 10812 on this move, its actaully the last of our current profit objectives on the shorts from last month.

We are quantatative but I have in interest in TA &
somewhere on this thread there is a mention of a move back towards the 'neck line' around Jun/Sep rollover.
a) Where would that put the neckline around rollover?
b) What eveidence is there that correlates a rollover to a technical level on a chart? or is it just coincidence this time?

peace & profit

 

[50 cent]

you should be more concerned with the double top it seems to be making on the monthly chart, starting in 1999. if that triggers, we might be going down to 3600!