I do not profess to be a technical expert, but isnt a head and shoulders pattern bearish?
Wouldnt we want an inverted H&S?
Or am I mistaken?
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I do not profess to be a technical expert, but isnt a head and shoulders pattern bearish?
Wouldnt we want an inverted H&S?
Or am I mistaken?
Only bearish if it breaks lower. If the neckline holds, it can turn into a very bullish continuation pattern. One great recent example is the S&P 500 from Oct 2009 to Sept 2010. That one was complete with a bear trap, false breakdown that immediately reversed higher.