Thanks for your post: a couple questions. First, how are you projecting a 100 move off the 420 level? After completing the inverse H&S the projected advance is found by measuring the distance from the neckline to the bottom of the head which is about 63 dollars from 376 for a target of 440. Second, why does your left shoulder start in mid June as opposed to late July - early August? Third, what are all those red lines in the middle of your chart?
random.trader
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@TNasr, I'll try to address all your questions in the relevant order. I recognize the chart has a lot of details in it, so I'll try to clarify.
First, how are you projecting a 100 move off the 420 level? After completing the inverse H&S the projected advance is found by measuring the distance from the neckline to the bottom of the head which is about 63 dollars from 376 for a target of 440
There are two potential H&S patterns here one is marked with green and the other with yellow circle shades. The first (green arcs) which is the $64 pt move is close to confirm, it actually failed today and we'll have to see what tomorrow brings. It will indeed bring it up to over 430. IF (and only if) this confirms and prints new highs then the other one will be relevant.
Second, why does your left shoulder start in mid June as opposed to late July - early August?
The smaller (green) IHS is indeed late July - the yellow shade is for the bigger IHS (yellow shades) with 100 pts move and that left shoulder has potentially formed on June
Third, what are all those red lines in the middle of your chart?
These are from an earlier version of this chart fib symmetrical projections to identify potential support / resistance. I used it to identify and confirm the trend reversal at 337 and predict a target of 370 which it already hit a few weeks ago
Hope this is helpful, let me know if I missed any of your questions
TNasr
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@random.trader, Thanks for your quick response. Frankly I'm still at a loss as to your larger degree inverse H&S but fully understand that you see one. In case your curious see my post on NFLX as well, I am projecting a 70 percent chance she will top anywhere from 426 to as high as the upper 400s IF we find strength in the short-term into years end and don't break below the mid 330s, definitely not below the recent low of 311