Hi Doyle, Inverted H&S is said to be the only way to turn a...

Hi Doyle,
Inverted H&S is said to be the only way to turn a corner and study of the right hand shoulder /wedge pattern is the key to both H&S and inverted H&S and the expectation of price flow.

I'm keeping an open mind about the direction of the general markets and current metals prices as a few base metals are looking more primed for a upward swing of recent, possibly some effect of contraction of supply occurring.
The last 2 weeks on the DJIA chart have shown some rejection from the lows and the daily could be forming a higher low at the moment with a type of inverted H&S pattern also.

My sector overlay of the materials and energy sector appear to be fighting the defensive Health Care sector so once again i'm forming an expectation there too.

Recently i've been scanning the asx data base looking for base breakouts and SRK is one that has stayed on my books.Mainly due to the large cash account and not so large issue of script plus having a toe in the energy sector and also some ore kicking about.

The chart i've posted today is showing the 2 pivotal points i plan on buying at next which will confirm the market agree's SRK is too cheap and needs to be rerated to atleast cash backing with assets being the unknown.

Those two points will also keep me unemotional to any minor swings and will verify to me the direction the market wants SRK to move in.

I already have one position and i'm going to guard it well as i'm not interested in a sleeper,that said i'm of the expectation that upside is more probable than downside and i like to play the probablities of risk.

I did note a seller appear at close on Friday but i think he's got his finger on the panick button or somewhere else to go,neither of which bother me as the market is not made up of one plunger.

Hope i didn't go on too much,
regards
PP