de ja vu, page-139

Some are quoting McHugh.

Admittedly these days he gives alternates.

I found him always too bearish when I subscribed and as such was always good in a bear market but reluctant to change and always thinking every up move was just a rally.

He may have improved.

Looking at his Aussie analysis on the freebie, he does show us in the text book pattern I mentioned the other day, a leg down here a bounce and small new low to complete something over the next week or three.

From experience sometimes that last little leg doesn't appear.

I also caution against H&S formations he is mentioning.

They are probably the most unreliable in the game as studies have shown.

Possible because they are well know they may be exploited by the smart players.

What has a very good record is recovered H&S breaks. I think many become confused when they recover rather than seeing it as a very positive and reliable signal.

I think adding to positions on new lows is not sound at this point.

Not just because of possible pattern completion but there is so much time stuff over the next couple of weeks that it is caution time for bears.