A lesson on momentum and reversal pivots
Chris Schumacher ...
The right side of the head-and-shoulders pattern is still forming on the daily chart. This typically leads to a coil within a base so that when support fails, it fails hard. This is what I was hoping to avoid in the first quarter. There have been enough entry points available to bulls who wanted to go long from 1635 and 1650 that I was hoping the bulls could create momentum at highs rather than from lows. When momentum comes from lows, it exhausts itself just to get back to resistance.
The right side of the head-and-shoulders pattern is still forming on the daily chart. This typically leads to a coil within a base so that when support fails, it fails hard. This is what I was hoping to avoid in the first quarter. There have been enough entry points available to bulls who wanted to go long from 1635 and 1650 that I was hoping the bulls could create momentum at highs rather than from lows. When momentum comes from lows, it exhausts itself just to get back to resistance.
posted by ngejay at 1:06 AM
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