118 7 2
Little double bottom confirmed
9/8/14 PH (73.42) - 11/28/14 PH (72.98) would be your NL I agree it's not the cleanest, but still could work imho.
KLang Ghostrider7
It's not. If anything, it's a large cup and handle.
I respect your opinion, but can you please explain why?
KLang Ghostrider7
1st reason is IHS is a bottoming/reversal pattern. It does not occur at the top of a trend. I've seen them from time to time, but they were PERFECT formations. People love to call things IHS which are not. It's a bad habit. Second reason is the formation is beyond sloppy. It could be a cup and handle which is a CONTINUATION pattern. It's a consolidation within an uptrend.
I agree that MOST IHS reversal patterns are at the bottom or in the middle and not at the top, but I have seen them work. This stock had a decent pullback off the highs and therefore does raise the odds of working. Yes it is on the sloppy side and not the cleanest as mentioned. Maybe I should have said potential "IHS type" continuation pattern. Maybe that would have been more appropriate. Thank you for the feedback!
It also held the UTL from May. If it reaches your MM then it will trigger an I H&S pattern...
KLang Ghostrider7
That's not an IHS
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