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The Euro: Up to its “Neckline” in Opportunity
Elliott Wave Junctures’ latest video lesson reveals the form AND function of the head-and-shoulders pattern
By Nico Isaac
Mon, 07 May 2012 17:45:00 ET
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One of my financial analyst friends made this hilarious poster and had it framed in his office. One side is the "Human Skeleton" with all of its 206 (or so) bones drawn and labeled. The other is the "Chart Pattern Skeleton" with just three simple labels: 

  1. Left Shoulder
  2. Head
  3. Right Shoulder
Without doubt, the Head-and-Shoulders chart pattern is one of the most popular within the world of technical analysis. The reason being -- as "old-school" as the H&S may seem to the budding school of high-tech digital chartists, this pattern never loses its value with age.
 
To illustrate its timeless appeal, EWI's senior instructor Jeffrey Kennedy presents his May 4 Elliott Wave Junctures video lesson titled simply, "Head-And-Shoulders."
 
There, Jeffrey shows you 3 practical ways how H&S helps you find a trade:
 
  1. Where will the eventual break-out in prices occur?  
Answer: "neckline." Jeffrey explains in the May 4 video how to use the "neckline" to know when to expect a break-out. Example in the May 4 video: Microsoft, Inc. (NASDAQ:MSFT)
 
  1. How high will prices rally in the right shoulder? 
Here, Jeffrey shows you how to find the "resistence for the right shoulder." Example in the May 4 video: Microsoft, Inc. (NASDAQ:MSFT)
 
  1. How low will prices drop after the neckline is penetrated?
In this segment of the May 4 video, Jeffrey shows you how to employ the "neckline [price] measuring objective" to identify that downside target. Example in the May 4 video: Microsoft, Inc. (NASDAQ:MSFT)
 
In the second half of the May 4 Elliott Wave Junctures video lesson, Jeffrey lets another "cat" out of the bag:
 
"Part of the reason why I'm doing a review of the Head-and-Shoulders pattern is not only because it is one of my favorite patterns, but also because I've been following a potential H&S in the euro [and another major forex market]. I believe these markets will be gripping to watch in the day and weeks to come."
 
So, in under 5 minutes, you get an excellent primer on how to use the Head & Shoulders -- plus a description of a potential budding opportunity in the currency markets.
 
Subscribe to Elliott Wave Junctures today and get instant access to Jeffrey's latest video lesson – along with his entire video lesson library going back to April 2, 2012. (That's 19 total lessons!) 
 

"The best way to learn how to spot Elliott wave opportunities is to find an experienced mentor to teach you using real-life examples. That's what Elliott Wave Junctures does, and Jeffrey Kennedy is one of the best teachers I know." - Robert Prechter

   
Let veteran Elliott wave analyst Jeffrey Kennedy be your trading mentor. 3-5 times per week, Jeffrey walks you through REAL market junctures with one overarching goal: to help you master the critical aspects of spotting and acting on high-probability trading opportunities in the markets you follow.

 
 
 

 

Tags: currency, Elliott wave, Elliott Wave trading, euro, head and shoulders pattern, Jeffrey Kennedy, Robert Prechter
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