Part of my hope for this thread is to be somewhat instructive, so that others may learn, too. Not that my motives are 100% altruistic, but that taking the time to explain things always helps clarify it in my own mind.So to that end I’ll explain my take on some of the last post (before you think I’m as smart as my dog thinks I am, I had to look up a few of Tim’s terms)H&S Neckline is head and shoulders and in this case a picture says a thousand words – see http://www.chartpatterns.com/headandshoulders.htm. Once you see the picture, the concept of a neckline is obvious.I don’t actually see a H&S pattern here (or emerging) much less an inverse H&S – that’s what I hope to be the value of this thread – to learn to see what others recognize. So Tim – when you have a moment, could you elaborate on what indicates an inverse h&s?I couldn’t figure out what “volume on the b/o” is. Bid/Offer? Back Office? Bend Over? :)But I looked at the volume during the last week and it’s now declining – further indicating the bulls are slowing.Tim mentioned the spinning tops of late last week which also indicated the bull was running out of steam. I felt somewhat correct this morning when it opened lower, but now can’t figure out the bullish recovery we’ve had in the first hour of trading.Using the MA’s and MACD don’t help much – they’re basically telling us whqt we already know – the market was down, then going back up – but no indication (to me, at least) of where it’s going next.(All of this again makes me wonder if the greatest value of all these whizzy charts is in predicting the past.)Monty
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