SP500 Inverted H&S = Target of 1360

another smaller hns inside the previous larger timeframe hns,encompassing the shorter term ihs,as a rule a weekly tl is stronger supp.res than a daily and so on ,so the question is which timeframe trumps which
 

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Nice charts ammo. Kudos for using paint to do your annotations. Real pro touch. ;)

I've been a bear since 2007. I'm betting the SPX 1300 resistance line holds. Time will tell whose correct.

Happy Trading
 
Quote from klurby:

I think it is hilarious how people think they can "predict" the future with a chart. The unknown is that you have absolutely no idea where the chart/index is headed. The known is that Europe is in a recession and will be downgraded soon and the market will tank.
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The same could be said about people that "predict" the "market will tank" based on "known" and 'unknown" factors. If it is known it is alreay factored into the price....

Trading is NOT about predicting anything. This holds true whether you trade based on charts or anything else like fundamentals. Trading is about following the big money and not asking why. Trading is typically most profitable to this that trade what they SEE and NOT what they KNOW or THINK.
 
Inverse head and shoulders come after a downtrend, not an uptrend.

What we have now is a double top retracement to a head and shoulders on the daily.

On the third peak of head and shoulders weekly.
 
Whenever I adopt a technical view of the market, I try to find and examine persons who are looking at the same exact charts and the inverse of what I am seeing. I see a bearish pattern, but if 1292 is broken, that would probably be a very bullish sign.

Short term, the trend seems up. How far would it have to fall for a technical investor to consider the short term trend broken? 1240? 1225? 1120? (on the S&P 500).

One of my trading weaknesses is trying to call the end of a trend, which is generally unwise.

Thanks for your comments and technical analysis.
 
Quote from roreilly:

Whenever I adopt a technical view of the market, I try to find and examine persons who are looking at the same exact charts and the inverse of what I am seeing. I see a bearish pattern, but if 1292 is broken, that would probably be a very bullish sign.

Short term, the trend seems up. How far would it have to fall for a technical investor to consider the short term trend broken? 1240? 1225? 1120? (on the S&P 500).

One of my trading weaknesses is trying to call the end of a trend, which is generally unwise.

Thanks for your comments and technical analysis.
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BTW its not 1292, its more like 1295. Because its not vertical, its a trend line.
 
Is there a bull pennant on the daily chart the last few months? That's what I've been looking at and probing some long entries for the last few weeks, trying to avoid getting chopped and picking up a few points along the way.
 
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