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Thanks for the wrap up, Chuck.
In previous videos you discussed the head and shoulders formation in the S&P. You also mentioned that the formation had not been invalidated just because we had one close above the neckline. Now we have had another close above the neckline. Your thoughts? Perhaps another view of this chart would be in order to close the topic.
Thanks again…
Dave:
Here is my TA analysis:
The original H&S breakdown is no longer true. Cause the neckline has no value as it could not hold the retest. Having said that when will the H&S fully violated? The answer is when we close above 8560.
Also, we are on the upper edge of a bull channel from June highs. If we break out of this channel tomo, the target is another 300 points from here which means we will hit somewhere close to 8600. And then the H&S would be fully violated and we will get out of this consolidation range.
If you see I was not keen to short GS even at 150. I am expecting the BTE earnings would make this happen. And if it does, I will be betting even my knickers on the bull side.