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Re: Snap Hook post# 19045

Tuesday, 02/07/2006 6:13:19 PM

Tuesday, February 07, 2006 6:13:19 PM

Post# of 62520
Snap Hook wouldn't you expect second shoulder to form at around $2.0x and then break neckline ? Where do you see second shoulder forming ? Without going to $2.0x is that still a valid H&S even thought it would break that neck line? Where would the second shoulder lay then ? Thanks a lot in advance.

I looked at the definition of H&S and it states this:
http://www.chartpatterns.com/headandshoulders.htm
"The head and shoulders pattern can sometimes be inverted. The inverted head and shoulders is typically seen in downtrends. (What's noteworthy about the inverted head and shoulders is the volume aspect. The inverted left shoulder should be accompanied by an increase in volume. The inverted head should be made on lighter volume. The rally from the head however, should show greater volume than the rally from the left shoulder. Ultimately, the inverted right shoulder should register the lightest volume of all. When the market then rallies through the neckline, a big increase in volume should be seen.)"

Looking at the volume right now it it is falling perfectly into the definition would you agree ?
http://stockcharts.com/def/servlet/SC.web?c=TERNE,uu[h,a]daclyyay[dc][p][vc60]&pref=G

And as Jack always says: "You can't handle the truth! Son"

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