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July 05, 2010

Markets Repeating Head and Shoulders Pattern of Great Depression

The pattern consists (to the extent I understand it) of attempting to test new highs, finding no support for such highs, and then testing new lows; once the market finds no support at the higher head and shoulders peak, it falls rapidly to a new lower level below "the neckline."

patterns head and shoulders.png

And that's not a good thing.

“Those who don’t remember history are doomed to repeat it…there was a head and shoulders pattern that developed before the Depression in 1929, then with the recovery in 1930 we had another head and shoulders pattern that preceded a fall in the market, and in the current Dow situation we see an exact repeat of that environment,” Guppy said.

Unexpectedly, we should say.

But Always Keep In Mind What's Really Important In Life:

alternateEconomist.jpg

Thanks to "plonked" for that.



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posted by Ace at 02:51 PM

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