More Yahoo!
I drew up a daily chart on Yahoo! in order to see the weekly Inverted Bullish Head and Shoulder much closer.
It can be seen that support is at the low of support on the left shoulder was on 12/21/2006 ($25.13). $24.74 is the 71.8% fib, and it is also horizontal support if we consider past resistance becomes future support at $24.74 at the high on August 13, 2007.
So there is strong base of buyers from $24.74 to $25.13. The stock shoulder not penetrate through this base; however, as can be seen from the chart, it took 7 months to go from left shoulder to the head, and five months to go from the head to the right shoulder (where we are at now). It took at least 33 days for the head to form and make a new high. It took 20 days for the left shoulder to form. It may very well take 20-33 days for the right tip to form.
We are now approaching the 30th day on December 12, 2007. We should reach a new high by the 33rd day, especially if interest rates are cut today (12/11/2007).
Another thing to be noticed about Yahoo! Is that anytime the stock reaches horizontal support the day becomes green, either the same day or the next day. Yahoo!!!!!!
