Yo Mongo, that so called expert has no knowledge of technical terms or their definition. He claimed that I made up the term "continuation head and shoulders" pattern.
Here's a source and definition of a Head and Shoulders Continuation Pattern. PS just outed himself as someone who is not a technician in addition of being a fake E-waver.
The Head and Shoulders Continuation Pattern
The head and shoulders is one of a group of patterns typically considered trend reversal chart patterns. If you look closely though, the head and shoulders can also act as a continuation. There are some subtle differences between the continuation and reversal, which may just help you find some great trades, and avoid some bad ones in regards to this pattern.
Head and Shoulders Continuation Pattern
The continuation version looks very similar to the normal reversal head and shoulders, accept there are a few distinct differences:
Continuation patterns occur after a sharp up (or run down). When looked at from a broad perspective, this makes the head and shoulders look more like a consolidation than a reversal pattern.The head and shoulders should also be about half the size (or less) of the sharp price run that preceded it. This isn’t an exact measurement, but it should look like a consolidation after a run up, therefore, it can’t cover as much distance as the price run before the pattern.If a potential continuation pattern occurs in an uptrend, the lows of the continuation should reach pretty close to the same level. If the last low is higher than the others, that is fine. If the price breaks significantly below the low point of the pattern, then it is likely a reversal instead.If a potential continuation pattern occurs in a downtrend, the highs of the continuation pattern should reach pretty close to the same level. If the last high is lower the others, that is fine. If the price breaks significantly above the highs of the pattern, then it is not a continuation pattern and more likely a reversal.If it is a continuation pattern, the expectation is for the trend to resume following the pattern.
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