$Compq- 2286 target or possible H & S top?
Written by Gary Caumont
Tuesday, 10 November 2009 13:17
I wrote on 10/29 of a 2278 target- that has now changed slightly to 2286. We did indeed fall below the old wave 4 low of 2041 intraday to a new 11/02 wave 4 low of 2024 but from there the move up has put in the now familiar "V" bottom. I expect we go higher but we could be at risk of a possible head & shoulders top- see the following chart.
The chart shows the possible 5 wave move now in progress with its 2286 target. The two short arrows point to possible shoulders with the wave 3 top as the head and the tilted horizontal line as a possible neckline. The large downward pointing arrow represents the height of the head above the neckline and points to the lows expected if the neckline breaks.
