@greenpasture936, Hitting the trendline wouldn't invalidate it I don't think. You can have one shoulder higher than the other I believe.
greenpasture936
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@Dawnchorus, Actually the right shoulder should be lower than the left( facing your stock) But we are in such h a short period, hard to say. I like the face my 20 Day crossed over the 40 day average. Did the same last 15 Oct last year. The 20 needs to cross the 100 day next. Shows a strength not seen by many. . Comfortable with that at the moment.
Dawnchorus
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@greenpasture936, Really, there is a rule that states that the right shoulder should be lower than the left shoulder? Never heard that one.
greenpasture936
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@Dawnchorus, LOL not sure you can make a rule out of it. Most say the right and left shoulder should be the same. The important thing is for them to be lower than the head. Some say 85% accurate..
However, I have found that when the right shoulder cannot move back quite as high as the left shoulder, we get a full retrace from where the prior up move started.
Question is ... Can you use 5 years.. 1 year... 1 month... 1 day... and does it work the same? I prefer to use a min of 30 day time period
@greenpasture936, how about a bull flag to go hit the .618 pocket
greenpasture936
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@Dawnchorus, we are dealing in a short period of time.. but yes, you are right there on the flag.
Like I said,, as long as my 20 day holds past the 40 day on the day chart and the 40 holds past the 100 on the 30 min chart, I am saying there is another leg up.
Some are calling this a head and shoulder from the 26 july. Using the double top as the head. Could be but we just had a 10 green day move of 45% . 36ooo was the perfect retrace.. 29500-42500 / 2 is 6500 42500-6500 is 36,000. We did 37,639.
So I like the odds of another leg up but need to break 30 and 31 July
Still think , generally, we are in a 30-40k consolidation with the odds of going much below 30 and much above 40 is slim. The longer we take to establish the 40-50 k, the greater the move when it happens.