Seeing more and more charts like drug maker GlaxoSmithKline, sporting a nasty head and shoulders top breakdown after a steep uptrend for months on end.
It need not mean a new bear, at all. But it does take some time heal…
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H&S right shoulder should be lower than left one. Know your patterns.
Incorrect. The right shoulder simply needs to not reach the height of the head. There are plenty of valid head and shoulders tops in the history of the market with a higher right than left shoulder. See Edwards and Magee. And even this main example at stockcharts has a higher right shoulder: http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:head_and_shoulders_t
So… what’s the takeway/actionable info in this post?
Short a bounce rejected from the neckline
So why not state your bias/advice/position then? Reading the post it just seems like neither here nor there.
Point was not so much GSK specific but more my observations on the market as a whole. I do plenty of posts with specific bias/positions on individual stocks, but at times use one to make a larger point.
Jack Frost – know your manners. Chess is a pimp
lol thanks