Head and Shoulders detected on the major US indices
Posted on 08.25.10 5:36PM under Trading
Wow wow…. as of last night’s US Home Sales data we have a Head and Shoulders, implying more downside for the Dow. My estimate is that there will be some support @ 10,000 being a round number (but looks like it would be taken out easily and 9,961 would offer some support after which we’ll see some form of strong support around 9,685 and ultimately 9,600 (which translate to a 15% drop from the highs of late april (11,250).
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