Agreed. As I mentioned in an aside yesterday, a head and shoulders has formed (starting 1Dec, though the right shoulder is more pronounced than the left). If the conformation line (also called 'neckline'), which is around 43 cents, is broken, the resultant downward move could be quite substantial. As stated by Charting for Dummies (p.147), "The head-and-shoulders pattern is the most widely recognised of all the patterns, and deserves it popularity because when the price surpasses the pattern's confirmation line, it delivers the expected move a whopping 93 per cent of the time."
Fingers crossed it finds support at or above 0.430 over the next few days, then rises. I'm holding at an average of 0.58 cents so this isn't down-ramping on my behalf, just an attempt to evaluate charting theory.
GW
Damn the end of daylight saving ... I'm normally up between 4 and 5, but until my body-clock adjusts, it'll be between 3 and 4!
GXY Price at posting:
43.5¢ Sentiment: Buy Disclosure: Held
