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8.19.13 Monday
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H&S Reversal Formation in Progress
This is one massive H&S reversal formation that could possibly lead this stock into a bloodbath. I decided to enter put positions before close today as it was retesting that resistance level last three days. Next target is at around $116 area which is the H&S reversal formation neckline. H&S is not confirmed until we break below this neckline level so for now we are in the process of the possibility. H&S measured move comes to about $95 and that’s about $25 drop! But again H&S is not confirmed until we break below the neckline.
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8.21.13 Wednesday
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Make it Rain
Target price: $95ish if neckline broken. Let’s see if we can get there. Stay tuned.
Great setup Kay. Do you think it has further downside? Looks like a bearing rising wedge on today’s chart.
cguirguis hmm it actually looks like we’ve formed bullish hammer (daily chart) right on that neckline level. Bears can nullified the hammer if they push it lower tomorrow otherwise we might expect short-term bounce. Also today’s gap should act as resistance tomorrow.
cguirguis Gap still open, this morning bears are working hard to negate yesterday’s hammer. looking bearish so far