tag:blogger.com,1999:blog-4878316162397365683.post5133867740012462102..comments2023-11-06T06:01:49.605-05:00Comments on Principle Analysis: an Elliott Wave Blog for Forex Signals, Futures Signals and Stock Signals: Shelves Breaking DownUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4878316162397365683.post-73211571499630403242010-07-01T11:41:04.993-04:002010-07-01T11:41:04.993-04:00I know a lot of folks are concerned that the head ...I know a lot of folks are concerned that the head and shoulders pattern is too obvious and well known for it to work. But with that logic, then no head and shoulders pattern would ever work. They will always be well known because it's a common and easily identifiable pattern.<br /><br />The thing I'm thinking about is that everyone on CNBC is just dreading the jobs number tomorrow, expecting horrible numbers, and the market has been selling off all week into that number. So anything short of armaggedon on the jobs number should not be a surprise, and perhaps lead to a sharp short covering rally going into the long weekend. We might even see a pop later today in anticipation of that. My opinion.<br /><br />ToddToddhttps://www.blogger.com/profile/13808483934573587351noreply@blogger.comtag:blogger.com,1999:blog-4878316162397365683.post-89785274631731968222010-07-01T02:21:11.298-04:002010-07-01T02:21:11.298-04:00Thanks for the great analysis Todd.
Today feels l...Thanks for the great analysis Todd.<br /><br />Today feels like a big day. I was a bit skeptical of a continued drop short-term, not only because of the talk on CNBC of the 'obvious head and shoulders down to 900', but also because of the way the tape floated around 1040 all day (until the last hour) - I thought we could be setting up for a 'failed' head and shoulders like July 2009. Not blasting to new highs this time, but possibly retracing the fall from 1130 deeply.<br /><br />But the drop and close solidly below the support shelf seems to have lowered the probability of a 'failed H&S' significantly. The next few weeks could be a lot of fun for the bears!Robnoreply@blogger.com