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Making of Potential Head & Shoulder Pattern?

A number of US experts have been discussing about a potential bearish pattern forming in DOW and S&P500 Charts.

For those who are still looking at the Elliott Wave Count mentioned in 3 Phases of Bear Market, the current wave count is a potential B Wave down of Phase 2 (ABC waves). With B wave comprising 3 waves (abc), wave a down might have completed and now we at b wave up. Nevermind if you dun understand.

Let's look at the potential Head and Shoulder (H&S) Pattern forming and what it might signal going forward.






Look at the DOW and S&P500 Charts.


Looks like the Right Shoulder is in the process of forming. This might mean the DOW might continue to move up and down until the Right Shoulder is formed when it hits around 8250. This is the neckline of this H&S pattern. If broken, the downside target is potentially at 7,700 – this is also the P&F Chart target now.

The probability of a decline is high based on the wave count – once b wave up is complete, next is wave c down. Will it will break 8250 and complete the the H&S pattern?

I guess it depends. I'll look at the Sky for Trends!


Singapore Straits Times Index (STI) also shows a similar pattern forming in the 60min chart.

Be careful if you are trading.

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