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| Subject: Possible SPY Head and Shoulders | Date: 8/3/2011 2:31 PM | |
| Author: denpup | Number: 2470 of 2685 | |
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Head and Shoulders reversal on SPY, needs enough price drop on volume to confirm the pattern: http://pup-trader.com/chart-patterns/reversals/hs-spy-8-3-11... Edwards and Magee (Technical Analysis of Stock Trends) say that a confirmed head and shoulders (a drop below neckline of 3% of the stock's price on good volume) is a reliable predictor of a reversal in price down from the neckline equal to the same distance as neckline to top of head. ~pup |
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