AA, yes AMAT made its measured move, and is now, imo, making a pullback rally, which often happens. Usually they are limited to the neckline, if it goes much further it might be a real rally. QLGC has a similar pattern, completed measured move to 38 area and now bounced back to neckline. The H/S pattern does not require more decline than this, but more often occurs, and might be expected given our current high valuations. If the pullback rally does not go much higher, one would at least expect them to revisit the measured move, and maybe consolidate there, or maybe continue down.
Robin |
