Alot of sites are pointing that head and shoulders pattern, which is a bearish pattern, is observed on numerous indices.
I think lets trade with skepticism in mind, plan when it comes to fruitation and plan when it does not. This pattern have not been confirmed yet so until we see confirmation this is very likely still very bullish.
Here is a chart from Wealth Buch. What i observe is that the potential left shoulder volume seems to be equal to the current volume. Although probably due to world cup the volume on the left should is lesser (though i can’t really tell). Head and shoulders normally have that volume profile:
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La papillion
Thursday 24th of June 2010
Hi Drizzt,
To see the decline in volume, just slap in a volume MA. You can see it quite clearly. There's a very clear volume divergence with price.
Scary.
Drizzt
Friday 25th of June 2010
seems to be getting worse.
Eileen Ong
Thursday 24th of June 2010
Informative and gives the reader more wisdom when executing a buy esp when one is not a trader. Thank you