Well, it looks like a nice ending to the H&S pattern. Of course the big question now is do we have a top in place or was this drop just a completion of a wave 4 flat? I'll place new charts in a new post on this.
[Update 9:40 AM]
H&S target met. Just fell right on 1128.50.
[Update : 7:50 AM]
Well so far another nice follow thru with the H&S. Will have to see if 1128.50 holds. More charts later.
A few things I see happening right now (post-INTC and JPM ER). My primary count of minute [i] down (degrees can be adjusted) and [ii] up is still in play.
A double top may have been put in and I also highlight a H&S formation. The target range for this move would be towards approximately 1130.
A move to this level would break out of the lower ascending trendline, which I would consider pretty bearish. In addition, if the Alternate count I have labeled plays out, the H&S target would also break it down out of the EW channel, again a bearish sign.
***Note*** : I did not get a chance to highlight this before uploading this chart but under the alternate count, if the H&S target is met, it would place price slightly above the price of wave Alt:1 (1128.50). Breaking below 1128.5 voids my alternate count and again I believe would be considered pretty bearish.Obviously, to remain bullish, price will have to bounce off this pivot.
GL!
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