FletaP... I use the Edwards & Magee definition of a H&S. See here for snippet:
http://www.elliottwave.com/freeupdates/archives/2010/09/17/Head-and-Shoulders-Stock-Market-Pattern-Still-Valid.aspx
It requires volume attached to your chart and fits well with the VSA guys approach around here.
From viewing these form on differing time scales, the Weekly definitely makes me want to take notice of it as it has taken a relatively large timeframe to form.
Based purely on a price perspective... is the right shoulder to high?
FletaP... I use the Edwards & Magee definition of a H&S. See...
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Last
7,963.7 |
Change
-7.400(0.09%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,971.1 | 7,973.8 | 7,944.3 |
| XJO (ASX) Chart |