Saturday, December 15, 2007

Head and shoulders

It's late at night and I should be sleeping...but couldn't resist posting this nice head and shoulders formation from Dow intraday.

Ideally the price will rebound back to neckline after breaking to test the newfound support turned resistance (thought it's not necessary). It's interesting to see how the rest of the chart develops when I wake up in the morning :)

Based on head and shoulders price objective (measure head to neckline and measure from neckline below), it should hit 13350? haha :) My wild guess!

Have a great weekend!