Friday, August 13, 2010

IWM


Blue - Inverted left shoulder
Pink - Inverted Head
Green - Inverted right shoulder or Smaller H&S pattern topping latest bull run from head? Which will prevail? Normaly it is the longer time frame or larger pattern that prevails; however if the larger pattern fails it will be a violent failure.

Bottom line:
Long above - $59

Short now with stop of 50 week SMA at $63


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