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The potential of the inverted H&S pattern is
3188.
This area also shows a few other interesting coincidences that
might work like a magnet on price.
More specifically the 3160 area.
Looking at the gif you will find that:
The fib 31,8% of the 'AD' DECLINE
is
3159,3
50% of the 'CD' DECLINE
is
3169,0
35% of the PRICE 4860 (march 00 high =
A) 3159,0
25% of the PRICE 4210 (Sep 00 high
=B) 3157
Jan 3 2001 low = 2108
Add 50% to the PRICE and you
get
3162
The break out (up crash) from the rising
wedge on Oct 99 was 2700
78,6% of the rise to the top =1697,76
Deduct that from the top rice and you
get 3162,24
So my best guess is, if we make the inverted HS
break and out of the Andrews Pitchfork, we will reach the 3162 at the
most.
And that will be a Head and Soulder *FAILURE*!! Since
the potential in the that pattern was 3188.
We should then be looking for the next downleg.
Other opinions?
stig
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