July 2015
Intermediate to advanced
352 pages
9h 40m
English
book
A Technical Approach To Trend Analysis: Practical Trade Timing for Enhanced Profits
by Michael C. Thomsett
Content preview from A Technical Approach To Trend Analysis: Practical Trade Timing for Enhanced Profits
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Inverse Head and Shoulders
The opposite of the bearish head and shoulders is the bullish inverse head and shoulders. This pattern challenges support and, upon failure, leads to an expected bullish rally. An example of this is seen in Figure 6.2.
Figure 6.2 Inverse head and shoulders and confirmation (Chart courtesy of StockCharts.com)
The price direction starts out as bullish until the last four months of 2012. Price declines beneath support as the inverse head and shoulders forms. In the expected pattern, price rises above support and continues its long-term primary trend.
Key Point
All reversal signals need to be confirmed in order to lead ...
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