Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Big Potential H&S Patterns (by Springheel Jack)
Everyone's been getting excited in recent days about the big H&S pattern that may be forming on SPX. H&S necklines tend to big big support levels, so they're natural targets regardless of whether the H&S subsequently plays out. You might be wondering why I've not been posting this too. Old news, I posted it on August 19th, pointing out that the neckline was also the natural target because it also is the 50% fib retracement of the bull market. You can see that chart here.
On the ES daily chart the August low has been beaten, marginally, overnight and you can see that the next natural big support level is in the 1000 area. The bear flag that has just broken down wasn't entirely classical, but that would roughly be that bear flag target too:
