hi zeev and all--monthly TA observation/question: i know months are like centuries to a daytrader but on the theory that TA works similarly in all time frames, i note the following: the head and shoulders tops (on a monthly basis) on the major indexes that caused bulls to shudder and bears to chortle when the necklines were broken in the summer of 2002, seem to have failed to follow through to the downside as expected in 2003. Traditionally, a failed H & S top is supposed to be very bullish, and indeed the charts show a nice bull move throughout 2003. Now, though, the major indexes have all climbed back up to the peak of the right shoulder (monthly)and are turning down. (all this is essentially reversed in the miners-XAU index...). my question is: from a TA perspective, are the indexes monthly original H & S formations still relevant prognosticators for a long term bias in either direction (which?) or has the subsequent evolution of the charts negated any current utility to those formations?
my apologies for the long post; its sunday in germany (g).
mudcat
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