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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