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Hello,
I created a revised chart of the NASDAQ which predicts a drop to 1,346.
This is a more realistic figure and I believe more accurate. You can find
the new chart here:
http://DLM.50megs.com/Nasdaq-Head-and-Shoulders-Revised.htm
If you are familiar with TA price patterns, LMK what you think. Do you
think this is an accurate chart? Does anyone here use price patterns or
do you only use MetaStock Explorations?
Daniel.
This is the text in the chart:
======================================
This is a logarithmic chart.
1. Red horizontal line is at 3,238.
2. Blue horizontal line is at 3,064.
3. Red vertical line extends down to 1,325.
4. Blue vertical line extends down to 964.
9. Brown vertical line extends down to 1,346.
This is a revision of the chart which I first posted. I remembered
another TA
specialist used 2 lines at an angle for the base line in the H&S. I
thought
about this last night and I did the same. Line (2) is the first base line
for the
H&S. Line (8) is the second. Notice the retest at point (7). Line (9)
is the
length from line (8) to point (5), the head, straight up through the green
arrow. The shoulders are at points (6). Line (9) extends down to 1,346.
This is a more realistic figure and more plausible. Notice how line (9)
is
within the down-channel (10) farther into the future.
======================================
Daniel Martinez wrote:
> Hello,
> I have a chart which I've had for a few months. It shows a NASDAQ
> head and shoulders pattern. You can see it at:
> http://DLM.50megs.com/Nasdaq-Head-and-Shoulders.htm
>
> This is the text in the chart:
> ======================================
> This is a logarithmic chart.
> 1. Red horizontal line is at 3,238.
> 2. Blue horizontal line is at 3,064.
> 3. Red vertical line extends down to 1,325.
> 4. Blue vertical line extends down to 964.
>
> The 2 vertical lines are the length which extend from the peak at (5)
> down to the red & blue horizontal lines respectively. According to
> TA, this is a head & shoulders pattern with the head at (5) and the
> shoulders at (6). The blue line should actually be the correct line.
> Notice the retest at (7). However, it's hard to believe NASDAQ will
> drop to 964 (???). I don't believe this will happen. Still, it is a
> possibility.
> ======================================
> I have examined this chart many times and I cannot find anything wrong
> with the H&S pattern. This is a classic H&S pattern and TA is
> predicting a drop to 964. Comments are welcome concerning the TA
> methodology. If you are familiar with TA patterns, and most here
> should be, please send me your opinions.
>
> Daniel.
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