Head and Shoulders forming on the S&P 500 - Target price 800

Quote from Pekelo:

Troll or not, a H&S is a H&S. So far there was no trolling in the thread...
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Sorry buddy, but the neckline at the 880 SPX level would have to be taken out in order to confirm the H&S pattern. You are way ahead of yourselves.

:)
 
Quote from Landis82:

Sorry buddy, but the neckline at the 880 SPX level would have to be taken out in order to confirm the H&S pattern.
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My ass. It needs 1 head and 2 shoulders, that makes a H&S. :)

By the way the 930 shoulder prediction worked perfectly today, buddy...
 
So let's see how the prediction is working out:

This was predicted:

2s0iq10.png


And this is what is happening 5 days later:


2lm6jnl.png
 
Very good call right to the tick (930) Pekelo.

Then the drain today after the jobs report. . .

We'll see if the (down) trend feeds on itself from here - but as H&S patterns typify, a bit ominous for a bullish stance from here.gA

Trade accordingly -

:D
 
Your lack of volume in your chart shows you have no clue as to the merits of a potential H&S formation. Please read the technical documentation concerning this very important reversal type of formation to have a better understanding.

Just remember one thing Bright Eyes....once it is obvious, it is obviously wrong. In this information age, these types of patterns/formation no longer hold the weight of many years past.
 
The second shoulder needs to be lower than the first for the pattern to hold. I don't think that chart tells us squat, except illustrate the immediate past.
 
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