The previous H&S
pattern I saw was quickly negated as we got a decent bounce on earnings
. However the weakness of this bounce indicates to me substantial further downside is possible here. Probably it was just "working" on the right shoulder. Moving forward, I think we hit some support at 309-310 early next week and bounce back to the descending trendline
around 335-340. Watch this trendline
for potential breakout and reversal but I suspect the overall market conditions will not let it happen. If the H&S
confirms with clear break under 308, it could get nasty, sub $200 target.