closed below the trendline for the first time.“I sold the next week and doubled my money.”“You were lucky,” I said. “Did you know that the weekly scale givesreliable selling signals? If the stock punches through on the weeklies,then the chances improve that price will continue moving down.”“I knew that,” Jake said.“Did you know that the logarithmic scale signals a trendline pierceearlier than the arithmetic scale?”
Advanced Trendline TacticsHere are some interesting trendline trivia that you may not know butmay prove useful:• When price moves away from the trendline, momentum is increasing. When pricemoves toward the trendline, momentum ispullbackdecreasing. When price rides along theoccurs after adownward breaktrendline, the rate of change is constant.out when price• Trendline mirrors: Sometimes, a price bumpreturns to, orcomes very closeon one side of the trendline reflects acrossto, the breakoutthe other side of the line as a dip, and viceprice or trendlinewithin 30 days.versa.There must be• When price pierces a steep trendline, itwhite space between the breakoften moves up at a slower pace, following aout point and thenew trendline.pullback low. Thewhite space rule• When price pierces a downsloping trendprevents the pullline and makes a higher peak (note: this isback term beingapplied to pricesthe second, higher peak), connect the twoclustering nearpeaks with an upsloping trendline. Then,the breakoutdraw a new line parallel to the originalprice. Contrastwith throwback.trendline starting at the low between thetwo peaks. The lower trendline will showwhere price is likely to reverse.
THE TRUTH ABOUT TRENDLINES
30
throwbackoccurs afteran upward breakout when pricedeclines to,or comes veryclose to, thebreakout priceor the chart pattern trendlinewithin 30 days.There mustbe white spacebetween thehooking priceaction of thethrowback andthe breakoutprice. Contrastwith pullback.
intradaywithin a singletrading day.
• Expect a pullback (downward breakout) orthrowback (upward breakout) after price piercesa trendline. Figure 3.4 shows an example of apullback, when price returns to the trendlinebefore continuing down. In Figure 3.5, point 2is a pullback to trendline AC1 (extended intothe future) and point 2A represents a throwbackto line 1A2A.• During strong uptrends, price may pierce thetrendline and head down for about a month before resuming the uptrend at nearly the same angle. This stair-step rise is a chart pattern called ameasured move up. The reverse also applies andforms a measured move down.• When prices pierce the trendline, look at theprior day’s close. For upsloping trendlines, if theprior close was at or near the intraday high, thechances increase that the downward breakout isfalse (because profit taking got carried away, forcing price down). If the close was near the intraday low, then chances increase that the breakoutis valid.
I found that last gem in Barbara Rockefeller’s book, TechnicalAnalysis For Dummies (John Wiley & Sons, 2004), so I decided to test it.I used 202 upsloping trendlines and split the trading range the day before the trendline breakout into thirds and then placed the closing pricethat day within one of the thirds. Those with prices within a third of theintraday high performed worst after the breakout, just as the theory predicted. I also found the same behavior for downsloping trendlines. A closenear the intraday high the day before the breakout suggested a less powerful move.
Trendline ReviewFor further review, see also the suggested chapter section in the list entriesthat follow:
Trendline Review
31
• Draw upsloping trendlines along the valleys. When price closesbelow the trendline, it indicates a possible trend change. SeeExternal Trendlines.• Draw downsloping trendlines along the peaks for the same reasonto spot a possible trend change. See External Trendlines.• Draw internal or external trendlines as needed. Sometimes, an internal trendline will better represent the trend and trading behavior of the masses. However, most chartists use external trendlines.See Internal Trendlines.• A sharp reversal often follows the breakout from a steep trendline. See Curved Trendlines.• Look for trendlines with widely spaced touches. See TouchSpacing.• Select trendlines with many price touches. See Trendline Touches.• Long trendlines are more reliable than short ones. See TrendlineLength.• Shallow trendlines are more reliable than steep ones. See Trendline Angles.• When trendline volume follows the slope—up for upslopingtrendlines, down for downsloping ones—the breakout is likely tosend prices farther. See Trendline and Breakout Volume.• Upsloping trendlines accompanied by heavy breakout volumeand downsloping trendlines accompanied by light breakout volume give the best postbreakout performance. See Trendline andBreakout Volume.• Use the measure rule to predict a price target. See Measure Rulefor Trendlines.• A channel is two parallel trendlines that bound price. See Drawing Trendlines.• When price fails to reach the top of the channel, a downwardbreakout may occur. The reverse is also true for price failing toreach the bottom of the channel. An upward breakout may occur.See Drawing Trendlines.• Use the 1-2-3 trend change method to determine when the pricetrend changes. See 1-2-3 Trend Change Method.
32
THE TRUTH ABOUT TRENDLINES
• Draw trendlines on the weekly scale for reliable trading signals.See Sample Trade Using Trendlines.• Use the log scale to signal a trendline pierce sooner than an arithmetic scale. See Sample Trade Using Trendlines.I use trendlines often to exit a trade as they reliably get me out when thetrend changes. But what if the trend doesn’t change? It won’t matter because I’ve moved on to the next trade.Jake walked in and his face lit up the room like a floodlight on amoonless night.“Look at this!” He waved the confirmation notice in front of myface. “I made almost six grand! And I’m thinking of doing something I’venever done before—bungee jumping. Want to come?”
4Chapter
Support and ResistanceThe Most Important Chart Patterns
ake stomped into the office and kicked the nearest chair. Fortunately, it didn’t slide very far on the plush carpet. The last thing Ineeded was for him to crash it into one of my computers. Hecombed his fingers backward through his thinning white hair and thenwrung his hands like a dishrag. I kept quiet as he paced the room anddug a trench in the rug. He would tell me what was bothering him whenhe was ready.He returned the chair back to the desk and then plopped down onit. “The health insurance company is raising my monthly premium byforty percent. Forty percent! That’s just three months since they raised itthe last time by twenty-five percent. Can you believe that? What am I going to do?” He buried his face in his hands.“Marry someone rich.”He looked up at me and his mouth dropped open in disbelief. Howcould I joke at a time like this?I just made a killing in the market, so I was in a good mood. “Live itup but die before the money runs out?”“That’s not funny.” The bloodsuckers at the insurance companywere bleeding him dry a month at a time. “Do you know I’m paying almost $300 a year for a bunch of worthless coupons and services that I’ll
J
33
34
SUPPORT AND RESISTANCE
never use? They claim you have to join the stupid service to get the grouprate. What a scam.”“Make enough money trading so you can buy the insurance company and fire the executives.”His eyes sparkled as if I had provided the key to a new life. It was asign, a signal, a pathway to understanding how Jake Murphy worked, butI missed it. Instead, I talked about trading. “The next step is to learnabout support and resistance zones—SAR.”I consider SAR zones to be the most important chart patterns.Why? Because they show how much you are likely to make and howmuch you are likely to lose each trade. That’s like playing poker andknowing the hands of your opponents. You won’t always win, but it surehelps. Used intelligently, support and resistance zones guide you along apath to riches while avoiding the potholes.
What Is Support and Resistance?SAR zones are locations where price stalls. Usually, SAR encompass arange of prices. A support zone, for example, is where overwhelmingbuying demand stops a decline. A resistance zone is where overwhelmingselling pressure stops a rise.If you bought a stock at 8 and watched it rise to 10 before droppingback to 8, you might say, “As soon as it gets back to 10, I’m selling.”What will happen when others do the same? If the stock rises to 10, it’llhit a brick wall and bounce lower as you and others sell their holdings.Eventually, though, everyone who wanted to sell will have dumped theirshares, allowing buying pressure to send the stock higher, piercing overhead resistance.Have you ever wanted to buy a stock, but it soared away from you?Others feel the same way. They vow that as soon as the stock returns totheir buy price, they are going to pounce. And they do. That puts a floorunder the stock, supporting it, and pushing prices upward if buying demand is high enough. If sellers are determined, they will force the stockdown and eventually dig through the floor, sending prices lower.That’s how support and resistance forms. It’s supply and demand inaction. The trick is to predict where SAR will occur. The remainder ofthis chapter explores the different types of SAR and what to look for.
Chart Pattern SAR
35
Chart Pattern SARRemember the investor watching the stock move to 10, to 8, and backto 10 before price tumbled? That price pattern is called a “double top.”Picture a capital letter M in your mind, and you’ll know what a doubletop looks like. Chart patterns like the double top highlight supportor resistance zones—places where price often pauses. Figure 4.1 showsexamples.On the left of the chart is a triple top marked Top 1, Top 2, and Top 3.The three peaks all stop near the same price, about 46. An invisible ceilingof resistance hovers over them, preventing price from climbing higher asthe three peaks attest. When price drops below the lowest low betweenthe peaks, it confirms the triple top as a valid chart pattern. This spellstrouble for those holding the stock as price is destined to drop, sometimes substantially like that shown.
Abgenix (Drug, NASDAQ, ABGX)Top1 Top2
48
Top 3
464442
Resistance
4038
Support
BroadeningBottomB
36
SymmetricalTriangle
3432
A
3028
Throwback
262422201816
01
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan 02
14Feb
FIGURE 4.1 Chart patterns show support and resistance along the trendlines that form their borders.
36
SUPPORT AND RESISTANCE
Below the triple top is a support zone formed by the peak in May,and I show it as a long horizontal line. The valley between tops 1 and 2stops at the support line. The support line in December changes intooverhead resistance and repels the rise, causing a throwback to the symmetrical triangle’s apex (where the two trendlines join). Notice that underlying support changes into overhead resistance as one trader’s floorbecomes another trader’s ceiling. Support becomes resistance becomessupport depending on which side price approaches.The two trendlines of the broadening bottom show support (bottom trendline) or resistance (top trendline) as price moves to touch thelines and then rebounds like children in a water balloon throwing contest. After each toss, they step back and price takes longer to cross thechart pattern. Eventually, the water balloon explodes and soaks one ofthe children—sending price skittering off and breaking out of the chartpattern.The symmetrical triangle is similar, only the children are far apart atthe start of the contest and move a step closer after each toss. The twotrendlines narrow over time and join at the triangle apex. The trendlinesshow where support and resistance zones lie and where you can expectthem to occur in the future.
Fibonacci RetracementsPrices climb a wall of worry in steps, but you canpredict this rise-retrace pattern and use it in yourtrading. Look at Figure 4.2, which shows the riseretracefrom A to B on the lower left (not the inset). If youafter trending,prices give backsplit the rise into divisions of 38%, 50%, and 62%,some of theirthen you get price levels where the stock is likely togains. That movement is called astop declining.“retrace” of theFor example, the low at point A is 65.88 andprior move.the high at B is at 76.07. A 62% retrace of this riseis a decline to 69.75, where I have drawn a horizontal line on the chart. I also show the 50% and 38% retracement levels. Notice how price turns at C after declining about 62%.
Fibonacci Retracements
37
FedEx (FDX Corporation) (Air Transport, NYSE, FDX)91
B
F
898785
38%SymmetricalTriangle
D
Flag
838179
AB
E
38%50%
7775
62%
73
38%50%62%
7169
C
67
A04
Apr
May
Jun
Jul
Aug
Sep
Oct
65Nov
FIGURE 4.2 Price often stops between the 38% and 62% Fibonacci retracement of the prior move. The 62% retracement makes a good location for astop-loss order.
The move from C to D shows support near the 50% retracementlevel, E. The move from E to F shows support at the bottom of the symmetrical triangle, 38% down from the peak at F.Where did the 38%, 50%, and 62% numbers come from? Thepercentages are based on the Fibonacci summation series 1, 1, 2, 3, 5, 8,13, 21, and so on. Each new number in the series is the sum of the priortwo. The ratio of any two adjacent terms approaches 1.618 or 0.618,depending on whether you are moving backward (21/13 for example) orforward (13/21), respectively. The percentages come from manipulatingthose ratios. For example, 38% is 0.618/1.618. Robert Fischer and JensFischer, in Candlesticks, Fibonacci, and Chart Patterns Trading Tools (JohnWiley & Sons, 2003), give a wonderful explanation of the Fibonacci series and how often it is found in nature. For our purposes, though, justknow that they exist.
38
SUPPORT AND RESISTANCE
How do you use the retracement percentages? Look for straight-lineruns—either up or down—then apply the percentages as I have done inthe AB example. The retracement percentages don’t always work, butthey give you an indication of where price is likely to pause or reverse.When I am looking for a longer-term trade, Ioften place a stop a few cents below the 62% retracement value in an uptrend. If price hits myhalf-staffstop-loss order, then the chances are that price isformationchart patternsgoing to continue lower. If the stop turns out to besuch as flags,a mistake, it doesn’t matter because you never gopennants, andbroke taking a profit.even membersof the triangleFigure 4.2 highlights two common chart patfamily (ascending,terns,flags (half-staff patterns because they oftendescending, orsymmetrical)appear midway through a steep rise or decline) andsometimes appeara symmetrical triangle. The triangle apex is amidway in theknown area of support or resistance as are theprice move.trendlines extended into the future.
Peaks and ValleysNotice how the valley at E in Figure 4.2 stops at the price level of peak B;the bottom of the symmetrical triangle stops at the price level shown bythe peak to the right of D. If you look at most any chart, you will see thatprice stops or pauses at prior peaks and valleys. Why does that happen?A friend of mine invested $15,000 in a large mutual fund just before the crash of 1987. After that crash, her investment was worth just$11,500. Stung from the massive decline, she told me, “As soon as I getmy money back, I’m selling.” She was true to her word. Others did thesame, and their selling caused the underlying stocks—and the mutualfund—to form a second peak, a double top.If you see a peak or valley form on above average volume, thenwatch for price to reverse at those locations in the future. The reversemay be temporary, but it’s a good guess that the trend will struggle there.I studied SAR at peaks and valleys and found some interesting results. How I did it is complicated to explain, so I’ll skip the details. However, I found that often prices stopped at a hilltop or valley after abreakout from a chart pattern. Table 4.1 lists the results.
Horizontal Consolidation Regions
39
TABLE 4.1 How Often Prices Stopped Near PricePeak or Valley after BreakoutBreakout Direction
Stopped at Peaks
Stopped at Valleys
Up
26%
19%
Down
27%
27%
From 26% to 27% of the time, prices stopped near overhead resistance or underlying support setup by a prior peak or valley. The exception was 19% of the upward breakouts from chart patterns that stoppedat the price level of a prior valley. How can prices, after an upward breakout, stop at a valley? Picture a downtrend when prices make several valleys, each lower than the last. When a chart pattern comes along andreverses the downtrend, prices climb until they hit the price level of oneof those valleys. For example, in Figure 4.1, the top of the broadeningbottom in August (B) hits valley A.
Horizontal Consolidation RegionsHorizontal consolidation regions (HCRs) are knotsof price congestion. HCRs appear as prices withflat tops, flat bottoms, or both. Many times, pricemoves horizontally and shares a common price, butthe tops and bottoms have an irregular shape. Figure 4.3 shows several HCRs. Below point A is asolid wall of horizontal price movement. It is notvery tall or very long, and it forms at the price levelof HCR1, a looser price structure. HCR2 is harderto see on this price scale; but many of the HCR’stops stop near the same price (about 29.50 in November and December). Several of the Novemberprice spikes also stop near the bottom line.Now look at the head-and-shoulders bottomchart pattern. The two shoulder lows (LS and RS)are near the same price level, almost equidistantfrom the head, and the head is well below theshoulder valleys. A neckline connecting the armpits
consolidationwhen pricesmove horizontallyinstead of trending upward ordownward. Aconsolidation isan area of pricecongestion.
consolidationregiona solid block ofprices or a regionin which pricesswitch fromtrending to moving sideways.
SUPPORT AND RESISTANCE
40
horizontalconsolidationregiona horizontal, oralmost horizontal,congestion areawhere pricesshare a commonvalue for anextended time(usually weeksto months). Flatprice tops orflat bottoms arethe preferredappearance.
of the pattern represents a breakout when pricecloses above it. When a breakout occurs, the pattern becomes a valid head-and-shoulders bottom—and one worth trading . . . unless you see an HCRnearby.How often does price stop within an HCR?After an upward breakout from a chart pattern,price reverses 30% of the time when reaching thelevel of a prior HCR. For downward breakouts, theeffect is stronger with 35% stopping within anHCR. Thus, HCRs tend to stop prices more oftenthan old peaks and valleys. Always look for nearbyHCRs before trading.
Northwest Airlines (Air Transport, NASDAQ, NWAC)
3332313029
HCR 2
282726
A
HCR 1
252423
Neckline
222120
RS
LS
19
Head00
Oct
Nov
Dec
Jan 01
Feb
Mar
Apr
May
Jun
Jul
FIGURE 4.3 Overhead resistance stops an upward breakout from ahead-and-shoulders bottom chart pattern.
18
Round Number SAR
Notice that price stalls near 30 in Novemberand December and finds support in October andFebruary at 20, both round numbers.
Round Number SAR
41
necklinea trendlinejoining thevalleys (head-andshoulders top)or peaks (headand-shouldersbottom). A closebelow or abovethe neckline,respectively,means a breakout.
Round number SAR is not one many people thinkabout when trading stocks. When Jake started trading stocks, did he place an order to buy a stock at9.97 or at 10? Did he put his stop-loss order at34.93 or 35? He placed them at round numbers, just as we all did.What happens when everyone places a stop-loss order to sell at 10?When the price hits 10, the stop-loss orders become market orders. Depending on buying demand, the price may drop, triggering additionalstops. This stop running or stop gunning, as it’s called, doesn’t happenvery often. I never worry about it because I place my stop several centsbelow or above the round number.By round number I mean numbers such as 10, 20, and 30, but I alsoinclude the fives: 15, 25, and 35. Prices often stall there.Figure 4.4 shows a weekly chart where price stalls at round numbers(highlighted by the black circles, but not all areas are shown). Many ofthe prices do not touch the area exactly, but they come close. Roundnumber SAR is more like throwing grenades than horseshoes: You do nothave to be dead-on to get results. Notice how support later changes intoresistance, and vice versa. For example, underlying support at 40 in January and April 2001 turns into resistance until price pierces it decisively inlate 2003.How often does round number SAR work? A study I conducted revealed that 22% of the chart patterns with upward breakouts stoppedwithin 50 cents of a round number, and a massive 42% stopped within abuck of a round number. Downward breakouts were similar with 20%stopping within 50 cents and 40% stopping within a buck of the roundnumber. When I say stopping, I mean price reversed direction by movingat least 20% in the new direction.
42
SUPPORT AND RESISTANCE
I did another study using 38 stocks, marking all the peaks, valleys,and HCRs within those stocks from 1999 to 2004, covering both bulland bear markets. Then I researched how often a round number appeared within (near) those features. I found 56% of the valleys were located in round number SAR, 63% of the tops, and 73% of the HCRs.What does this mean? It suggests that as price moves, expect it tobounce off round numbers.
Trendlines and ChannelsFigure 4.5 features a broadening top chart pattern with a partial declinethat predicts an upward breakout. Notice the way prices move up in theMarch channel, which is too steep to be sustainable. Price pauses (revolving around the dashed line in the chart pattern) atthe broadening top and then continues moving uppartialin a shallower channel. After peaking, prices dropdeclinefollowing a downsloping channel.after price touchesPrices follow a trend, whether moving up in aa top trendline, itchannel or following the two trendlines of thedeclines but doesnot touch (orbroadening top. The trendlines show where pricecome that closeruns into support or resistance—buying demand orto) a lower trendline before formselling pressure.ing a distinctvalley and usuallystaging an immediate upwardbreakout. Partialdeclines mustbegin before theactual breakoutand form after avalid chart patternappears (in otherwords, after theminimum numberof trendlinetouches, usuallytwo, and any othercriteria needed toestablish a validpattern). Appliesto broadeningpatterns andrectangles.
SAR and VolumeIf Jake wants to buy 850,000 shares of IBM for notmore than 50, how loud will he scream if I buyahead of him and push the stock up to 51? Whenthe stock drops back to 50, he will be in there buying like crazy, putting a floor on the stock until hepockets his last share. Volume and SAR are relatedby trading psychology—but are SAR and high volume related? Yes, they are.I took my 38 stocks with their peaks and valleys marked and compared the average volume surrounding the peaks and valleys with the prior30-day average volume. I found that prices from929 chart patterns (58% of the total) stopped at a
SAR and Volume
43
Noble Energy Inc. (Petroleum (Producing), NYSE, NBL)55535149474543413937353433323130292827A S O N D 01F M A M J J A S O N D02F M A M J J A S ON D03F M A M J J A S O ND04F M A M J J
26
FIGURE 4.4 The black dots represent prices that approach a roundnumber and stall there.Tesoro Petroleum (Petroleum (Integrated), NYSE, TSO)1817
PartialDecline
1615
Channel
BroadeningTop
141312
Channel
1110
9
Channel8
99
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
7
FIGURE 4.5 Prices follow trendlines and channels that highlight supportand resistance.
SUPPORT AND RESISTANCE
44
price peak with high volume but only 662 (42%) stopped at a price peakthat contained below average volume.For bottoms, the results were better: 960 chart patterns (70% ofthe total) had prices reverse trend within a valley that contained aboveaverage volume but 417 (30%) stopped in a valley with below averagevolume.
Using SAR to TradeI waved Jake over to look at the computer screen and the chart shown inFigure 4.6. “If the stock broke out upward from the descending trianglein October, would you buy the stock?”“Um . . .” His index finger explored his dimple.“Would it be time to sell it short or sell stock you owned if it brokeout downward?”To answer those questions, let’s take apart the price landscape andsee what grows beneath the topsoil. Towering like pines on a mountaintop, price highlights a right-angled and ascending broadening formation.Medarex Inc. (Drug, NASDAQ, MEDX)
12
A1110
PartialRise
9
E
8
C
Broadening Formation,Right-Angled andAscending
F7
DescendingTriangle
H
B
6
G
5
D4
Jan 04
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
FIGURE 4.6 Several chart patterns set up overhead resistance.
3
Using SAR to Trade
After price touched the bottom trendline in May, itbounced, curled around, and plunged downward ina typical partial rise. A partial rise accurately predicts an immediate downward breakout 74% (bullmarket) to 79% (bear market) of the time. If youowned the stock at that time, you would sell it immediately.Extending the bottom trendline toward pointE (chart pattern SAR), you can see how pricesclimbed to the price level of the broadening formation bottom before withdrawing and forming a descending triangle. Sixty four percent of the 1,167descending triangles I looked at broke out downward, so waiting for price to close outside the triangle trendlines is mandatory, especially if you hopethe breakout is upward.Notice that the bottom of the triangle supports prices (chart pattern SAR) and notice the volume spike at point E. With such high volume, wecan expect price to stall there (peak and valley SAR,SAR and volume). However, since a climb from Fto E is not far, I expect price to soar past it withoutpausing. It’s just too close on a price basis to be ofmuch worry.However, if price were to decline after risingto 10 or higher, then I expect price to stall nearthe price of E. You will find that price often stalls10% to 20% away from the breakout (most stop15% away with 52% stopping within the 10%to 20% window). Nearby support or resistance, say5% or less away, often sees prices punch their waythrough SAR without pausing.Look at the volume surge around point A.You might expect price to stall at that price, especially since it is an old peak (peaks and valleysSAR). Coupled with the round number 10, Iwould expect an upward breakout to stall there(round number SAR).
45
partial riseafter pricetouches a lowertrendline, it risesbut doesn’t touch(or come thatclose to) theupper trendlinebefore forming adistinct peak andusually staging animmediate downward breakout.The partial risemust begin beforethe breakout andform near the endof a valid chartpattern (in otherwords, after theminimum numberof trendlinetouches, usuallytwo, and anyother criterianeeded to establish a valid pattern). A partial riseapplies to broadening patternsand rectangles.
bull marketevery date outside of the bearmarket fromMarch 24, 2000,to October 10,2002, as postedby the Standard &Poor’s 500 Index.
46
SUPPORT AND RESISTANCE
The price pattern ABCD forms a measuredmove down. The decline from C to D often mirbear marketrors the decline from A to B. The slope of the deI used the peak incline is often similar, too, just as it is here. Thethe Standard &corrective phase, BC, sets up a support or resistancePoor’s 500 Indexon March 24,zone (chart pattern SAR) that price frequently2000, and the lowstruggles to pierce. What you commonly see hapon October 10,2002, as the startpen is price declining to D and then rebounding toand end of a bearthe corrective phase before stalling out. In this exmarket.ample, price jumps over the corrective phase on theway to E before reversing. Notice that the base ofthe triangle rests on the price level of the BC zone.Volume within that zone is also high, suggesting apotent support zone.correctivephaseThe move from C to D sets up its own meapart of a measured move down, CGHD. If price breaks outsured move up ordownward from the descending triangle, will it redown, a regionverse at GH? The volume level in corrective phasewhere pricesretrace a portionGH is unconvincing. Price might stall there, but itof the prior move.will probably push its way through. (It did,