Heads up. Head and shoulders? Does it matter?

Posted on Jul 25, 2010 by WHC Bassetti in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=1&mn=0&dy=0&id=p30009483985&a=203282118

We sometimes admonish (also abjure, berate, harass and warn) our graduate students about finding bunny patterns in the clouds in their initial enthusiasm for identifying patterns.  Being the world's foremost exponent (or proponent) of pattern recognition this might sound strange.  Mox nichts.  We just worry about getting the job done.  This might be a head and shoulders -- the favorite pattern of bunny fanciers (who are also busy with Signor Fibonacci counting bunnies).  If it is it forecasts a target of 981.83.

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