SPY: Developing Head and Shoulders

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I am posting a possible head and shoulders pattern being formed. What this could indicate is that the market is forming an intermediate top, and this recent rally is a correctional rise with more lows to come. a close below the neck line would be early confirmation of the H&S pattern. The alternate situation is, in terms of Elliot Wave Theory, there is a powerful 1-2 i-ii forming to create a new high. In such a case I would like to see a very powerful move above 200 preferably to 205. I expect the payrolls data coming in tomorrow will be the catalyst to move the markets, whether that be a move below 191 or a breakout above 200. Place your bets, good luck, and happy trading.
Head & Shoulders is a reversal pattern, so it doesn't show us anything in here...
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Ape shaieden
It would be a reversal of the recent rally we've had.
mmm... nope, sorry, it's wick :)

But, it'll go down anyway, so cheers for the bears...
Ape shaieden
I understand what you are saying, H&S usually marks tops and bottoms. However, this was posted on an hourly chart, and the pattern would confirm a topping point on this rebound. The pattern is not confirmed unless the neckline is broken, but if price keeps moving like it is today, then it becomes much more likely that this is a 1-2 i-ii pattern to the upside
Know what? I'm with you :) Let's hold our fingers crossed...
Ape shaieden
Cheers and happy trading!
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