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SharePlanner (< 20)

Where Do We Go From Here?

Recs

1

September 21, 2010 – Comments (2) | RELATED TICKERS: SPY

The Mother-Of-All Inverse Head and Shoulders patterns was completed yesterday, with an eye on 1220-1250 as its target price. Obviously we won't go straight up from here, and that is why I am sitting on my hands waiting for a pullback to start adding some new long positions. The FOMC Statement is coming out this afternoon and could provide that catalyst that we are looking for. For a historical reference for what we are looking at, look no further than the sell-off in January/February, that played out practically the same exact way this IH&S pattern did and you'll see what is likely in store for us. 

Here's the Chart on the S&P 

2 Comments – Post Your Own

#1) On September 21, 2010 at 11:49 AM, MoneyOre (< 20) wrote:

So you are saying that the market is poised for a large run up unless there is a pullback?  LOL

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#2) On September 21, 2010 at 2:20 PM, SharePlanner (< 20) wrote:

no I'm saying we are poised for an extended rally but to wait for pullback for entry

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