2/4/10 - Long Term Head and Shoulders

Remember this chart? (Previous post)? How it is progressing nicely. If you want to see it's progress, click on the Bearish Head and Shoulders link in the Labels box to the right.

I'd say this is a sign of a bearish market. I mentioned on the CiL I wanted to submit a new pattern called the Right "Shoulderless" Head and Shoulders pattern.

The pattern represents a market that slowly stair steps higher creating a left shoulder only to drop suddenly resulting in a right "shoulderless" formation.

Anyway, this is an interesting chart that I said I'd follow back in mid-January. So far so good.

Hmmm. What's the next target? Looks like the 1020s. Check back later!