December 15, 2011

$SPY $QQQ - Bullish Optimism.. Inverse H&S

Possibly forming the right shoulder. The Measured Move on a Head and Shoulders is from the head to the neckline. I measure the first target from point of breaking the neckline, not through the high of the pattern, if that makes sense. That is just how I measure it. If this pattern completed, it would put the Spyders in new high territory, 138 area. 
If the Inverse Head and Shoulders completes. This bearish weekly ascending wedge would be considered failed.

 QQQ - Range bound and starting to reach the pinnacle of this triangle.