jmboyer1

2007 SPY H&S Top Characteristics

AMEX:SPY   SPDR S&P 500
73 0 1
2007 SPY             H&S Top Characteristics:
-Massive rising/ascending wedge from 2003             low
-1st breakout of wedge is tip-off ref. mkt topping soon; returns to rest on upper trendline
-2nd move remains above upper trendline until it penetrates
and bounces off lower wedge trendline (establishes neckline and LEFT SHOULDER)
-3rd bounce forms head and returns to lower trendline (i.e. neckline)---this is the HEAD
-4th (and final) bounce established RIGHT SHOULDER
and returns to lower trendline (i.e. neckline) and readies to break-down through neckline, confirming the H&S pattern
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