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Tuesday, August 4, 2009

The DOW Giant Head and Shoulders

(OK last post on long term stuff - but the short term squiggles is clogging my brain)

I haven't seen this anywhere but my apologies if someone showed something similar recently.

Its a giant H&S forming on the DOW. The upper right shoulder target is not that far away.

I have also listed my "alternate" count. You can see, that even the alternate count has a very bearish drop in the DOW. Hey, 2800 DOW is pretty much a busted-up market so I won't sit and try to say its going lower than that even still. Its pointless at this stage and truth be told, no one of us knows.

What is not pointless is you can see the giant H and S taking shape and its very real. A Head and Shoulder pattern is, in reality, an Elliott Wave pattern.
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