Turning analysis on its head and shoulders

Posted on Jan 02, 2009 by WHC Bassetti in Letters

Recently there has been a lot of talk that the formation in the Dow and S&P might be a head and shoulders. We think this is not a good interpretation.  Here is the S&P which shows that there was not a recovery from the nose (KIlroy) or head to establish a neckline.  The pertinence (or impertinence) of Kilroy is emphasized by the resemblance of the left side of this formation to a hand and fingers.

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