Head and Shoulders in Stocks??
Stocks have inched out highs at 4389, but have retraced slightly to support at 4364. We may be witnessing a head and shoulders pattern in formation, with a neckline at 4350. However, wait for the second shoulder to fully form before considering a retracement. We still have a great amount of bull momentum, as measured by the Kovach OBV which has only slightly dipped with the pullback. Our next target is 4408, which could easily be reached today if we catch a bid at open.
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