Monday, May 28, 2012 11:56:04 AM
Here is a chart formation I am watching closely, the reverse head and shoulders. When the head formed I thought the right shoulder would appear at the .0081 coincidental resistance and 200DMA or even .01. A high volume reversal day hinted at that. But it seems to be forming at lower levels. Regardless, the conservative buy signal is when the right shoulder is fully visible and an uptrend develops. I took a gamble and bought during the formation of the head. The caveat is that this pattern may become invalid and a larger, long term head and shoulders is forming, and that the head is really a left shoulder. But the downside volume is not yet confirming that possibility. Nonetheless, when one is dollar cost averaging, buying at intervals, this interpretation stopped me from buying during the downtrend and signaled me to do some relatively low risk accumulation down here.
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