Am I seeing a head and shoulder?

It has been a relatively busy day for me today. I am in fact packing for a trip to Thailand next week, its business. It has been 2 years since I have been to Thailand for product promotion. I stopped ever since the travel ban by top management ( cost cutting). So my company is way behind other competitors in market share, especially when Lighting Solution is concern.

My "favourite" engineer is not helping neither. As expected, she grumbled about me rejecting her leave application, not only that she lodged a complaint to my boss. I stood my ground and eventually she has to do it my way.

The thing with urgent leave is this, regardless what "confiential personal work" you need to do, you need to be clear on what you are doing. This is an unbreakable rule in the industry and even I have to obey such rule. I can't ignore the fact that she undermine the system and that trying to use my boss to manipulate me.

Guess what? At the end, she has to put in the reason, installation of surveilence system. Now I wonder what kind of confidentiality needed? Is she seriously think that I might invade her home?


Fig 1 DJIA Daily Chart

I was looking at the DJIA just now, I kind of interested in the formation it is doing right now. The set up looks more like a head and shoulders with objective of 10,370.

The indicators are also supporting the direction DJIA is heading, both of them are moving lower.


Fig 2 DJIA zoomed out

Zooming out a little, you would see a slightly different picture. Potentially, DJIA could be making a double or tripple tops. As far as I am concern, such patterns are downward reversal formations. Anyway, under such condition, the neckline is around 9,632. In that case, DJIA has somewhere to go and even then it is uncertain about its trend. Because, it could jolly well be a huge rectangle, afterall, it is a HUGE wave.

As for wave pattern concern, considering a 3-wave pattern, DJIA is only half way down. If it decides to go for a 5-wave pattern, then more likely it will be stopped only by the neckline.

Remember the head and shoulders that I mentioned earlier on in this entry? It seems to be an mirror image of a bigger reverse head and shoulders formed between May to July 2010. As a whole, DJIA has been in 3-wave formation since the congestion started April this year. I have counter so far a completion of A and B wave. So it is likely the C wave just started, meaning DOW with an eNd.