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Author: denpup One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 2705  
Subject: Possible SPY Head and Shoulders Date: 8/3/2011 2:31 PM
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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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