Head and Shoulders/Ugly Top

2021年4月29日

This pattern does not perform well in a bull market, and performs best in a bear market.
Some would just call this an ugly top, or a complex head and shoulders pattern, as there are multiple shoulders. The complex variety can have multiple heads and/or multiple shoulders.

This is a tall structure.

PTON has pierced the support of the neckline, but was a brief piercing and price is now floating above the neckline. The pattern is not valid unless neckline is broken and a downtrend is in place. The neckline can be horizontal or it may slope.
Head and shoulder tops are reversal patterns so there needs to be a prior uptrend to reverse.

I would be safe going long right now. These patterns can have pull backs (pull ups), a break back up can be a pull back in a downtrend. Good to be careful if you are long or thinking of going long and you see an ugly top.


No recommendation.

Possible Targets 1 46.4 33.5

2021年5月2日

註釋

Neckline is 94

2021年5月4日

註釋

I should have erased the former long targets but forgot. Sorry (o:
: I read some bad news on PTON recently, but this one still has not broken that neckline with a downtrend yet. It is teetering on the neckline, but the neckline is a strong source of support until it is broken. Update: 5/4