Tuesday, August 11, 2009

Head and Shoulders Revisited?




This could be interesting. It is reasonable for wave (c) to land somewhere in the 980 range (as previously posted based on fibonacci relationshiop) to form the neckline of this possible H&S.

Wave (b) may top at near 1008 (new resistance) plus it makes for a nice approximate 61.8% retracement from the top of the head to the bottom of wave (c). Wave (b) here may turn out to be complex or a triangle of some form to make the shoulder broad.

What do you think?

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