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.
Tuesday, July 20, 2010
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