Another Intra Day Head & Shoulder Top

Discussion in 'Technical Analysis' started by Roman Candle, May 5, 2009.

  1. Here we go again. Last Friday the formation dragged out all day. Then Monday morning we got the failure.

    I think it was the run on stops that caused the Monday morning zoom higher with no retrace.

    Now here we sit. So what could cause this failure. Maybe Ben Bernake will. I would be very carefull shorting.

    I can remember back in 2003 we would get intra day patterns and the bulls would jam everyone.
  2. Keep in mind everyone is of the thinking that we need to retrace. That might not happen, as you can see there are very few sellers.
  3. Just like Monday, the futures gap open and the pattern is void. You stupid short are the fuel.