Friday, November 26, 2010

Market Update - November 26th - Potential Head and Shoulders Targets 1219

Again the market made a high in the 1200's after hours but not in the cash market. And the market rebounded at the level I was speculating to form a right shoulder for yet another inverse Head and Shoulders. It's still early in the day so we'll see if another low is made. Also, there is the potential for an Ascending Triangle as well if the rising trendline gets respected. As an EW pattern, the low today would be a W2 on a C or W3 of a W5 (as long as 1176 does not break)

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