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TOPIC: IMG Advice/Opinions

IMG Advice/Opinions 07 Nov 2013 15:53 #1

  • Shotry
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I'm not exposed to it Diver, only so many shares you can trade. It was brought to my attention by someone else and I wanted to get others views on the pattern, which I found interesting.
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IMG Advice/Opinions 07 Nov 2013 14:08 #2

  • diver993
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Shotry you may do with it what you wish. No need to reference. Let's just hope it's somewhere near the mark :)
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IMG Advice/Opinions 07 Nov 2013 11:43 #3

  • remo
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hi shotry
i cant really see any patterns on that as yet. It did have a recent 123 low breakout but has since headed back down. If anything look for a double bottom maybe.
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IMG Advice/Opinions 07 Nov 2013 11:20 #4

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Thanks for taking the time Diver. Would you object if I lifted your response to share with someone off the site? Obviously I'll reference the work to you.
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IMG Advice/Opinions 07 Nov 2013 10:52 #5

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For me, there is no such thing as a Head and Shoulders pattern: it's just another way to describe a wave pattern without the chore of having to label it. The important things are the supports and resistances combined with the fib%'s. Take a look at the chart. Take the long view to get some idea of where this has been and where it is likely going.......


dl.dropboxusercontent.com/u/7238706/IMAGINTN.TECH.png

The H&S is nothing more than a retrace of the move down from 559 to 234. My target would be around the 207 to 194 area, being supports and 100% fib extension of move down from 734 to 378 applied from 559. The entire move is nothing more than a retrace of the move from 2009 to 2012.

Of course it could extend even lower but these are my initial targets. Hope it helps ;)
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IMG Advice/Opinions 07 Nov 2013 09:57 #6

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I've previously made the mistake about seeing H&S patterns at the bottom of price ranges (see POG for example). I'd some advice on interpretting the following please. IMG has the classic H&S type formation, however it's at the bottom of the price range (currently). This could also (more appropriately?) be viewed as a triangle pattern I'm guessing. Either way, it would appear that the pattern has broken down. How would others view the likely price action from here? Backtest of the break then heading towards 160?

Thanks in advance for any input

screencast.com/t/SknQ7KT95Xd
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