Head and Shoulders forming on the S&P 500 - Target price 800

Troll or not, a H&S is a H&S. So far there was no trolling in the thread...

 

The right shoulder at 930 cash has just been completed...

 

Sorry buddy, but the neckline at the 880 SPX level would have to be taken out in order to confirm the H&S pattern. You are way ahead of yourselves.

 

My ass. It needs 1 head and 2 shoulders, that makes a H&S.

By the way the 930 shoulder prediction worked perfectly today, buddy...

 

Ivanovich doesn't like the OP...

 

So let's see how the prediction is working out:

This was predicted:



And this is what is happening 5 days later:

 

Very good call right to the tick (930) Pekelo.

Then the drain today after the jobs report. . .

We'll see if the (down) trend feeds on itself from here - but as H&S patterns typify, a bit ominous for a bullish stance from here.gA

Trade accordingly -

 

Your lack of volume in your chart shows you have no clue as to the merits of a potential H&S formation. Please read the technical documentation concerning this very important reversal type of formation to have a better understanding.

Just remember one thing Bright Eyes....once it is obvious, it is obviously wrong. In this information age, these types of patterns/formation no longer hold the weight of many years past.

 

The second shoulder needs to be lower than the first for the pattern to hold. I don't think that chart tells us squat, except illustrate the immediate past.

 

The OP is right: volume is key. Next week will tell the tale.p$