Trading Price Action Trading Ranges – Technical Analysis of Price Charts Bar by Bar for the Serious Trader : [PDF Download]

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“All head and shoulders tops and bottoms are really head and shoulders continuation patterns (flags) because they are trading ranges and, like all trading ranges, they are much more likely to break out in the direction of the trend and only rarely reverse the trend.

The same is true for double tops and bottoms. For example, if there is a head and shoulders top in a bull market, a breakout below the neckline will usually fail and the market will most likely then reverse up and have a with-trend breakout to the upside, above the right shoulder.

The pattern becomes a triangle if it is mostly horizontal or a wedge bull flag if it is slightly sloping down. The three pushes down are the down legs after the left shoulder, the head, and the right shoulder. The right shoulder is an attempt to form a lower high after the move down from the head breaks the bull trend line.

Since the move down from the head usually breaks below the bull trend line, the right shoulder becomes a lower high breakout pullback.

Also, if there is a bear market that is forming a trading range and that trading range assumes the shape of a head and shoulders top, a break below the neckline is a with-trend breakout of a bear flag and is likely to lead to lower prices.”

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