rhodes2ritches lipstick on a pig friday, page-80

botfodder,

the way i would look at it is "has the move up failed?" rather than the inverted h&s pattern itself. if the move up is intact, then the pattern is intact by default. 61.8% of the move up would generally be accepted at the line in the sand and that was taken out today, so unless tomorrow recovers then one view is the move up has failed. if only it were that easy...

yotta was talking about a pattern of symmetry emerging so this most recent drop might be just what is to be expected if that if playing out. you can see the 2 thrusts down before the head and now we've had two thrusts down after the head and the thrust closer to the head on either side is lower than the one along side of it.

my earlier point was more that it would be highly unusual from the indices to head to new lows here. XJO might but the US indices seem pretty long odds to me without further upside work. i suppose the inverted h&s patterns can fail but than doesn't mean there has to be new lows.