SP 500 Emini 120 min double head and shoulder pattern

The chart below is a SP 500 120 min chart that has formed a double left and double right shoulder, head and shoulder pattern. H.M. Gartley from his 1935 classic book, ‘Profits in the Stock Market’, described this variation of the head and shoulder pattern. This of course is a coiling pattern, where the market tests up and down and eventually breaks out. The downside break is around the 1177 area.

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