The call for HEAD AND SHOULDERS pattern in DOW as shown does not allow for much more price appreciation as left shoulder is at 11,750, todays close 11755. We also have broadening mega phone pattern.
You can see difference in DOW'S pattern since 2000, it looks nothing like 1980-2000.
IMHO the 2000- 2011 pattern exhibited is Bear Market action, but it does allow for a new high. But the action last 10 years is much more volatile than what we saw previous 20 years.
Then we had tech revolution, low debt.........we are in the winter protion of a long term cycle....as the FEd and all fight it tooth and claw
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