Head and shoulders above the rest — Google is forming a textbook top
- Posted by PeterLBrandt
- on October 9th, 2013
H&S patterns are the king of the classical chart formation
As the such, the H&S forming in Google could prove to be the king of kings. All patterns are subject to failure and morphing, but the H&S is the most reliable of all classical constructions. A close below 845 to 850 by $GOOG, especially if it is with a wide-bodied candle bar, would spell a top of some magnitude. While the initial target would only be 765, it could become the start of a more series trend. For example, the H&S top in $AAPL resulted in the most series dollar value drop in that stock’s history, as shown in the chart following Google.
Speaking of H&S tops, there is no top I am rooting for more than the possible top in $JPM. I know that pure technical traders should be unbiased, but I think the big banks have done an historic tap dance on the headsof this country’s middle class. Further, I believe Jamie Dimon is a complete bozo. Just witness the idiot adventures of this banker in recent years. Of course, Wall Street (NY) and Constitution Avenue NW (DC) cannot decide which one is the other’s lap dog, so the merry-go-round of fun called free money may keep $JPM away from its destiny of fate for a few years more.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Peter Brandt entered the commodity trading business in 1976 with ContiCommodity Services, a division of Continental Grain Company. From his start in the commodity industry, Peter's goal was to trade proprietary funds. But, he first needed to learn the business. More »