TSX-V technicals, daily chart
Canada’s junior index has invalidated my original Head & Shoulders projection, which was a normal head with two shoulders. The index may still get to the target at 503, but if it does it would do so off of what TAs love to call a “complex Head & Shoulders”. *
It is still a rounding pattern that has struck a key lower low at 534. The pattern is not broken but the index sits on the 200 day moving average right now. As long as that holds we can keep open a possibility that 534 may have been the low. But lose the SMA 200 and associated support and the 503 target may yet await.
* Whereby “complex” actually means “a bearish looking freak that grew extra shoulders” as the TA tries to sound technical (“complex”) at all times, rather than what she is; a swami trying to gain at least a little edge by interpreting patterns, trends, support, resistance, etc.
That’s how Edwards and Magee coined it. Bart
Ah, I see. Edwards and Magee sound like TA authorities. Yes? I never read any TA books, but self-taught my own version. I suspect any TA who tries to make this art sound like more than it is. As if it is finite with set outcomes, like physics or science. The pattern is a freak that grew too many shoulders. If some consider that complex, well, freakishness is in the eye of beholder I guess. Personally, I’ll continue to make fun of we men and women who stare at charts, because it’s fun to not be overly serious about everything.