If it breaks the neckline and confirms the head & shoulders top, you can expect another leg down to 8136 - 7700 (maybe even this year). If no breakdown occurs and 8902 holds, I expect a decent bounce to 9500+
Also, interesting ratios between the last 4 waves indicate good downside potential.
maybe the one that just happened Friday (weekly close) - which lines up with my first comment...
I am short from 9789 16-jul, so care little about the H&S here, but it will bring in more sellers and my target is 8310 which is before the H&S target
Which is a big monthly level....
dionvuletich
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My actual point was a pattern is forming at the end of a larger pattern, the key word was 'forming'...
Confirmation after neckline break...?! yes yes, we've all read the books..... (many years ago)
MagnusTradingGroup
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so what confirmation are you taking about then ? :D
dionvuletich
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Head and Shoulders forming... nice confirmation
MagnusTradingGroup
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a H&S is only confirmed after the neckline is broken ! (so not yet :] )
I am short from 9789 16-jul, so care little about the H&S here, but it will bring in more sellers and my target is 8310 which is before the H&S target
Which is a big monthly level....