A right shoulder of an inversed H&S pattern will form if the market rebounces and goes up for the next few days.
Right shoulder is forming and she shaked off more weak bulls during huge intraday swing.The last 30 minutes rally showed her intention to print a good daily chart.GM deal will start another rally stronger than the Citigroup rally.She will print another good daily chart tomorrow, so closing is more important.
Here's a good 15 minute DJIA chart showing the head and shoulders pattern that has formed.http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1926808&cmd=show[s155694395]&disp=PDIA, daily chart.... trend is still downhttp://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1926808&cmd=show[s115355208]&disp=P
and if it keeps up the current trend it will just go down to a new low....did you look the up to down volume ratio today?
shaked off the weak bulls and she is pumping hard to print the right shoulder but the pumping need to continue for several days to finish up the inversed H&S pattern. It is all up to the trading program. Don't fight it.