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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: Henry J Costanzo who wrote (162778)	2/25/2008 11:51:02 PM
From: Galirayo	Respond to of 209892

You never see a H&S Consolidation .. It's not in "Your Book" !! lol

To: Henry J Costanzo who wrote (162778)	2/26/2008 12:06:31 AM
From: Galirayo	Read Replies (1) \| Respond to of 209892

MC .. at one time we had a discussion about IH&S never occuring in trend and I pulled a 30year chart of the Dow .. and showed you some. Because the Dow has not really been in a downtrend in 30 years. So .. they do occur in an Up Trend. I can't find the original Posts ... but. I know .. I should know better by now ... lol chartpattern.com The seminal Technical Analysis of Stock Trends by John Magee and Robert Edwards notes: "Occasionally, prices will go through a series of fluctuations that construct an inverted head and shoulders picture, which in turn leads to continuation of the previous trend." If that's forming here, it is indeed bullish in the short term, as the market should follow the prior pattern and bounce off these levels. Furthermore, the textbook notes that the consolidation head-and-shoulders pattern, unlike the reversal top (or bottom), tends to be "flattish." thestreet.com