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A few months back, we had a discussion on the Head and Shoulder pattern on
NKE. Actually, as it turned out, it was a double pattern, one minor and one
major. For any "pattern watchers" it is interesting to go back and look.
After the first or minor head and shoulders, Nke meet its target and bounced
back to the neckline (an opportunity for those who like to short). The second
or major pattern was completed and had a rally back to its neckline also
(again a short sale). It looks like a downside target in the 30 area.
Completed patterns are pretty reliable when it comes to trading. No apology
necessary with this post, Harley.
Jerry
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