there's a short term inverse head/ shoulder pattern on the daily chart of both scty and of the spx...
the head lows were put in yesterday for both the spx and for scty.
this kind of pattern is bullish- but often, it will just complete to the neckline and not get to the price target of the pattern- just like the 5 day inverse head/ shoulder pattern for scty did today- of just getting to the neckline above $56 and not getting higher.
this 5 day inverse head/ sh pattern (seen to the right of this message board- the yahoo message board privided chart) is within a 2nd longer duration inverse head/ shoulder pattern for scty- on the daily chart.
the head bottom price is the same for both patterns- but the neckline of this longer pattern is between $60 and $65 area (hard to tell on the daily chart if it's $60 or $65- so, i can only say between these 2 price areas). this is a longer duration pattern (than the 5 day pattern) which means it takes longer to play out than just 5 days. it's not that long of a pattern though- only a 2 week pattern thus far to form the first half of the pattern- so, in the next 2 weeks, the 2nd half of the pattern should get formed- meaning: fully formed to the neckline of the pattern.
so, within the next 2 weeks, we shall see if the longer duration pattern continues to play out to completion of this inverse head/ sh pattern (to the neckline) ;)
oh i was wrong on this post too from last week i guess too- hmm, within the next 2 weeks, scty should get to between $60 and $65- oh and where is scty trading at just 1 week after i wrote that?? well. almost at $61 today!!!
yes, i am sooo wrong!!! i get things sooo wrong ALL the time!!!
not so much cle- thanks for asking. yes, fb has a small inverse head/ sh on its daily chart too- just like the spx and other stocks will have too! but that small inverse head/ sh on fb;'s daily chart is within a much larger time framed head and shoulder pattern on the daily/ weekly chart of fb. i saw the big head/ sh pattern on fb's chart last week. it's easier to see it on its weekly chart. so, by october, this pattern should have completed fully and have gone towards the price target of the pattern too! means fb going back into the $40 zone if the pattern continues to play out- the neckline is at around $47 area.