I do not see this pattern often (like maybe 2 other times that I remember) so I googled it and T. Bulkowski (the best chart analyst I have ever followed) had some information online about a "Roof" pattern. I do not see 2 triangles attached to each other at the wide ends which would make a diamond top, but you may see things differently.
T. Bulkowski did not say if it was bullish or bearish, only that it performed poorly statistically among other chart patterns. So I will watch this and maybe learn from it, but to me it resembles a version of a H&S without distinctive peaks for the head or the 2 shoulders.
There are so many rising wedges under this stock that span over the last 2 years that it would be impossible to draw them all, so I will refer to the lowest wedge which would take this under 200 if the bottom trendline were to be broken. Rising wedges are not valid until the bottom line is broken, but when they are broken expect a pull back due to the over-supply inside the wedge..
Price is well above the.236 of the trend up.
LLY is priced for perfection. Not one little thing can be out of place when you are perfect.
No recommendation.
T. Bulkowski did not say if it was bullish or bearish, only that it performed poorly statistically among other chart patterns. So I will watch this and maybe learn from it, but to me it resembles a version of a H&S without distinctive peaks for the head or the 2 shoulders.
There are so many rising wedges under this stock that span over the last 2 years that it would be impossible to draw them all, so I will refer to the lowest wedge which would take this under 200 if the bottom trendline were to be broken. Rising wedges are not valid until the bottom line is broken, but when they are broken expect a pull back due to the over-supply inside the wedge..
Price is well above the.236 of the trend up.
LLY is priced for perfection. Not one little thing can be out of place when you are perfect.
No recommendation.
Price went diving yesterday.