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Gold/Mining/Energy : NPEC - take a look
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To: MarcG who wrote (5968)4/15/1997 12:41:00 PM
From: Typhoon   of 5988
 
Marc, I thought that the bottom dip (at the end of the head pattern, just as the right shoulder begins forming) had to be lower than the top of the left shoulder in order for it to be considered a head and shoulders pattern. I don't think the chart clearly shows this at all (unless you are saying that on 4/10, we started a right shoulder). Also, I thought that a head and shoulders pattern is only useful in predicting a significant drop in price if and only if the price at the end of the right shoulder drops below the neck line. I don't see that either. True, if we are going to form a right shoulder (which has not happened as of yet but could be happening now), the price would need to drop below .17 again for us to worry. However, the shoulders are not very pronounced, and I would wonder if that is a valid chart formation to apply here.
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