November 2012
Intermediate to advanced
352 pages
7h 45m
English
Content preview from Visual Guide to Chart Patterns
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Head-and-Shoulders Bottoms
The head-and-shoulders is perhaps the best-known chart pattern. It has an evocative name, but recognizing a valid one takes an understanding of the rules. Let us begin by looking at a few samples. (See Exhibit 16.1.)
In this exhibit, I show three head-and-shoulders patterns. Pattern A is a head-and-shoulders bottom. The right shoulder (RS) bottoms at a price above the left (LS), but not too far. If this were the bust of a real person, yes, they might be in need of medical attention.
KEY POINT:
A head-and-shoulders bottom is a three-valley chart pattern that resembles a person’s bust, inverted. The head is below ...
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