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Registered User
Joined: 10/7/2004
Posts: 2
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Is anyone recognizing the H&S pattern on FLR?
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Registered User
Joined: 10/7/2004
Posts: 2
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1 hr - 10 views - no reply - guess no one else sees this?! Is it good or bad? 
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Registered User
Joined: 1/28/2005
Posts: 6,049
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I'm not an expert on this pattern buy it seems like peaks should be
where the dips are (June/July "the shoulders")
So I don't know if this is a "classic" HS pattern.
In any case just by looking at the chart it seems a fall to new lows would
mean a lot of weakness ahead.
Good one to keep an eye on.
Thanks
diceman
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Registered User
Joined: 10/7/2004
Posts: 2,126
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Well the elements of the formation are ther if you really look into it starting mid may, but it is not a clear formation. Also it hasn't completed just yet. It has to clear the neckline at about 82.5.
good luck
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Registered User
Joined: 3/25/2005
Posts: 67
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Regardless of the constellation (i'm a pattern cynic and can actually see 2 h&s patterns - one on the right shoulder of the bigger Jan - Aug pattern), the volume accompanying the drop from the 09May high was that of a buying climax. The momentum from that top was strong, but not overwhelming and has turned somewhat neutral, so i'd say we still have downward bias.
It's not real weak on a rs plot vs. DWC--X, so you'd think there would be some better prospects for shorting, but you do have a well defined stop above 91.60 that will make it easy to choose your position size and exit if you choose to take the trade.
JG
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