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I would be cautious about applying Head-and-Shoulders, or other Edwards
and McGee chart patterns, on indicators. Reason: these are all price AND
VOLUME patterns. E&M warn that price patterns aren't valid without
appropriate volume patterns
at the same time.
On the other hand, I think 7400 will be taken out, too, when the next big
domino (Brazil?) falls. The question seems to be, will there be a decent
bounce first? I think
not.
Fred Bender
Steve Gochuico wrote:
> Here's one BIG S-H-S seen on MACD applied to the
> DOW weekly chart. The MACD indicator has just
> broken its neckline. Conclusions anyone?
>
> ------------------------------------------------------------------------
>
> Name: DJmacd.gif
> DJmacd.gif Type: GIF Image (image/gif)
> Encoding: base64
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