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Strategies & Market Trends : P&S and STO Death Blow's -- Ignore unavailable to you. Want to Upgrade?

To: ajtj99 who wrote (4173)	7/25/2002 8:24:32 PM
From: augieboo	Read Replies (1) \| Respond to of 30712

SMH? Yes, it does look like a massive H&S is in progress -- getting ready to finish the right shoulder. Yep, you can have an upright H&S during a down-trend. But, in theory at least, you should not be able to have an H&S after a bottom. Because ... <drum roll please> An H&S on a downtrend is a CONTINUATION PATTERN -- so, if it's valid, it means you probably don't have a bottom at all. ): -- or -- (: -- depending on one's perspective. Bulkowski doesn't cover it, (the putz). Murphy mentions it, but doesn't say how to measure it. I would assume the measurements would be the same as if it were at a top. Getting back to your pattern... Even if the H&S doesn't pan out, you've still got a sharp decline from just over 950 to just under 875, followed by a bear flag, which currently tops at about 915. So, I would figure on a drop of about 70 points from wherever that bear flag breaks down.