Reached upper trendline…could easily pullback here.
I was looking at this chart and one way to measure how far reverse h/s patterns go is to take the ”head” value and subtract it from the “shoulder”. In the 08-09 scenario below we have 681-1007 = 326. Then to get a projection you add that to the neckline 1007 + 326 = 1333. That is the new target. As you can see we’re well over that right now and should be due for a decent pullback anyday now. I see no sell signals yet and will continue to play the longside, but when it comes it will be fast.
We are well outside our upper trendline….almost parabolic. I sold out of SSRI today, but still hold IVN. We need a short term pullback (see chart below for Fib scenarios), before I’m going to want to buy any others.
