Slope of Hope Blog Posts

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IHS Pattern on RUT

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I had a couple of questions yesterday about the ‘IHS’ that had formed on the ES chart. I hadn’t been showing this and that’s because it isn’t actually a valid IHS. Any H&S pattern must be a reversal pattern by definition, and if an H&S pattern occupies a large majority of the trend leading into it then it isn’t a reversal pattern. If it isn’t a reversal pattern then the historical stats for the performance of these patterns do not apply. I see these form regularly though and while they break the neckline less often they do often make the ‘target’ after doing so. FWIW the ‘target’ on this one would be in the 1781 area and it has already broken over the neckline at 1764. ES 60min chart: (more…)

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