ajtj99's Market Pulse

[Newly2b]

To have a rising trend into this formation, this would have to be a complex H&S with two left shoulders, with the top of the first left shoulder at the 11/23 high, and your neckline must begin on the next low, 12/8, and connect to the following low on 12/30 (between the second left shoulder and the head), which means the low on 1/25 between the head and first right shoulder would have had to reach 567 to connect with that neckline, which it did not (see arrow on chart).



If you put the neckline where you have (dotted line connecting the 12/30 low and the 1/25 low), it cannot be a complex H&S, nor can it be a simple H&S since the trend does not rise up into the pattern, the peak of the left shoulder (12/15) is not preceded by a low below the neckline, a rising trend (black arrow).

No matter how you look at this formation, AJ, sorry but it just ain't any kind of H&S.

BTW, my triangle was not a Descending Triangle, which requires a virtually horizontal lower trendline, whereas this one's lower trendline slopes up, making it a Symmetrical Triangle. But the truth is, it is no more a valid formation than your H&S, so neither are our respective targets of 552 and 551, LOL. Back to the drawing boards . . .

Newly