The left shoulder is the 2000 high at the Yearly R1 pivot point(1550). The head was made at the Yearly R2 pivot point in 2007 at 1576. If the S&P this year gets into the 1400(Yr1)-1530(YR2) area and fails, it will be the right shoulder, and right shoulder moves are very fast movers. It traps investors and fear sets in. Downside target is around 800.
Monday, March 12, 2012
S&P 12 year head and shoulders pattern in the making
The left shoulder is the 2000 high at the Yearly R1 pivot point(1550). The head was made at the Yearly R2 pivot point in 2007 at 1576. If the S&P this year gets into the 1400(Yr1)-1530(YR2) area and fails, it will be the right shoulder, and right shoulder moves are very fast movers. It traps investors and fear sets in. Downside target is around 800.
