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Wednesday, August 06, 2008 11:09:46 AM
But LVLT could be completing the right shoulder on a 1 year weekly chart, with the left shoulder being a bit less clearly defined than my ideal concept of a shoulder. Needs to pass the neckline of around $3.50 with more volume and more positive money flow to confirm the pattern. Target at this point would be about $5.25.
Talking patterns for me, who is not a(n) H&S pro by any stretch, on the daily chart I see a bit of a saucer bottom from late June through late July - followed by more of a wedge than a handle over the past 2.5 - 3 weeks. PPS is at about the level of trendline support and the wedge has been holding its bottom nicely (heh heh). Not happy that the market rally didn't bring LVLT up with it. Although strength is now waning it could still be reversed for a pop if it keeps above support. Needs some romance and sex appeal imo. Something to force the shorts and excite new longs.
If you're not living on the edge, your taking up too much space.
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