About Me

Passionate about the markets and Technical Analysis. The learning never stops!

Wednesday, July 22, 2009

Inverted H&S?

After the huge move last week, I now see a possible inverted H&S on the DJ. This could have validity as it has formed over a nearly 8 mth period (from the valleys of the left to the right shoulder).

Should it hold above the neckline in the next week or two (or worst case is a retracement of 38.2% from low of Jul13 to current peak to about 8600), then I could be looking at a possible longer term upside target of around 11245 (61.8% retracement up of the entire Oct07 to Mar09 bear move) to 11330 (inverted H&S target).

No comments:

Post a Comment

Bulls are back!

The US markets declined pretty sharply on 13th December last year but 2 weeks later it hit into a longer term support and started to rebo...