Tuesday, July 20, 2010

Nasdaq (Update)

It's been a couple weeks since my last post regarding the h&s pattern.  Since this pattern was confirmed we had a retest of the downward sloping trendline.  Prices rejected off this level along with the 10, 20 DMA.  We now have a 3 point downward sloping trendline, but are at a crossroads of future moves.  On the one hand we have confirmation of a h&s top.  On the other hand we have a possible falling wedge forming.  The right shoulder high is the first key level of resistance @ 2260.33.


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