Maybe the problem isn't the reliability of the head and shoulders formation but rather the reliability of the person claiming they see a head and shoulders formation (not referring to anyone in particular). From reading message boards, people seem to see head and shoulders patterns everywhere. No wonder they fail so much.
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<I've noted over the years that the H&S distribution top is one of the least reliable indicator.> ------------------------------------------------------------
Lee--
FWIW, if you follow e-waves, H&Ss more often than not are corrective fourth waves that present themselves as A-B-C formations.
People are calling for a top here so we have more to run.