Dear traders, allow me to draw your attention to what I consider to be a potential major top approaching on the Dow, now just 400 pips away. I have good reason to believe that around 18,500 could be a major top level for the Dow, a top which could, and I emphasize could, be the top for a market that from here could drop by as much as 50% through 2016 and into 2017.
What got me foxed about this pattern though is that the head, which is represented by the Nov/Dec highs, is lower than the shoulders if shoulders they turn out to be. For this reason, I have called it a ' Hunchback Head and Shoulders pattern.
I welcome any thoughts on this, and feel as free as you like to disagree/criticize, or merely to offer your own analysis, because I think we can all agree that sooner or later, the stock market is going to turn south big time, and the better we are all prepared, the greater chance we have of profiting from it.
Yours purringly,
cat.
What got me foxed about this pattern though is that the head, which is represented by the Nov/Dec highs, is lower than the shoulders if shoulders they turn out to be. For this reason, I have called it a ' Hunchback Head and Shoulders pattern.
I welcome any thoughts on this, and feel as free as you like to disagree/criticize, or merely to offer your own analysis, because I think we can all agree that sooner or later, the stock market is going to turn south big time, and the better we are all prepared, the greater chance we have of profiting from it.
Yours purringly,
cat.