RE: RE: SUPPORT LEVELAs I posted on January 22, 2011:
Has anyone noticed that SGR has almost completed a perfect head and shoulders top?
https://www.investopedia.com/terms/h/head-shoulders.asp
Left shoulder early December, 2009. Proceeded by a high volume spike.
First neckline March/April 2010, followed by a new high (and the peak so far) in mid May, 2020. Highest single day volume is less than previous high, left shoulder.
Second neckline early October, late November, followed by the second shoulder, topping out in late December at almost the exact level of the first shoulder. Volume on this rise is considerably subdued.
A subsequent drop to the neckline and then some, on somewhat higher volume.
Next week should be interesting. The scary thing is the measurement. Normally you measure from the neckline to the head and subtract from the neckline to find the final bottom. That would be about a dollar.
So we are at $2.18 and heading lower. The dollar is going higher, gold is going lower, chapter two of the depression is unfolding as I write this. A dollar is not out of the question.
Andy