Stock Market Analysis With The Elliott Wave Principle -Dow Jones, S&P 500, Russell 2000, Nasdaq and FX. All charts and commentary on this site are strictly the opinions of the author(s) and are for recreational purposes only. In no way should this be construed as trading advice or a recommendation for investing. See disclaimer at the bottom of the page.
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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It would be elegant if it plays out that way.
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