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Strategies & Market Trends : Classic TA Workplace
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To: Shack who wrote (136091)8/28/2006 3:24:51 PM
From: wave3rules  Read Replies (2) of 209892
 
Well regards RYL. I agree IF it can close above the strong resistance at $45

I find it odd that the most talked about chart pattern is H@S on this board. And to be honest I am amazed what some call H@S patterns, they really stretch it. Having said that I admitt RYL MIGHT be forming a H@S

There are two things I have learned regards H@S patterns.

1. Many see then when they are not valid.

2. Never trade a H@S pattern untill it completes, and that means a clean break of the neckline. The main reason for this is because the neck line is strong S/R and often does not break, in fact I would say likely 60% of the time the neck line holds and the H@S does not complete.

Interesting in that EW indicates H@S normally complete when the head is the top of a 5 wave and the right shoulder is a B wave top with A being a clear 5 wave indicating a potional zig zag.

However if A was a 3 then you could very well be forming a flat, or a more complex correction and the neck line basically holds.

And guess what if the head is a 3rd wave and the right shoulder is the B of the corrective 4th wave, yep you get iether the neck line holding, or worse a false break and wham.

So as I said I find it interesting in that so many H2S are talked about.

Now there have been some very good ones, SHLD was very nice.

Now having said that, it looks like RYL is in a 3 of 3 up, and again we need a close above $45 to confirm.

Thanks for pointing it out, I see it as a good long on a close above $45.
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