Today we have one. And it's the first one I've seen in a long time.
Friday, March 26, 2010
SPY: head and shoulders. Really.
Many bears have been imagining head and shoulders patterns for months, and they have been punished because they were actually seeing higher lows on the "right shoulder".. On the 65-minute I see a true head and shoulders. Bulkowski says this has a #1 rank out of 21 patterns in predicting success. Maybe this is why everyone is looking for the elusive head and shoulders pattern!