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Friday, February 04, 2011 12:39:13 AM

Re: darbyflier post# 11

Post# of 104
LUV another beautiful short. Coming down exactly as described in the previous post. Hit the 11.50 target. Still holding the short positions, not adding to them here, but fully expect a visit to the support line on this double top. Smaller head and shoulders has broken down with target right at that bottom red support line. Once the double top breaks that support, target could become 6.50:


Short term, this looks like a potential measured bear move forming, but it is very early and more corrective uptrend will come first. Also it is very common for price to revisit and even move up through head and shoulders necklines before ultimately coming to target (the large blue line here is the head and shoulders neckline shown in the above longer chart). This is why I will hold, but not add yet. Adding will come on a break of this small uptrend (that I expect to become a bit longer):

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