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Aqui vai um extrato do "Analysis of Stock Trends - Edwards and Magee"
Variations in Head-and-Shoulders Tops
There is a tendency, surprising when one thinks of all the vagaries of news and crosscurrents which may influence day-today trading, for Head-and-Shoulders patterns to develop a high degree of symmetry. The neckline tends to be horizontal and the
right shoulder tends to resemble the left in price confirmation (although
not, of course, in volume); there is a sort of satisfying balance to the overall picture. But symmetry is not essential to a significant Head-and-Shoulders development. The neckline may slope up (from left to right) or down. The only qualification on an up-sloping neckline is that the bottom of the recession between the head and right shoulder must form appreciably below the general level of the top of the left shoulder. It is sometimes said that a down-sloping neckline indicates an unusually weak situation. This is so obvious that it is apt to be given even more weight than it deserves. A share of that excessive weakness, it should be noted, will have already been discharged by the time the down-sloping
pattern is formed and prices have broken the neckline.
measuring formula which we shall discuss later applies to such situations.
Because of the tendency toward symmetry in shoulder development, some traders, as soon as the neckline has formed, will draw on their charts a line parallel to the neckline, extending from the top of the left shoulder through the head and on to the right. This furnishes a guide as to the approximate height which the right shoulder rally should attain and, consequently, a selling level. But you will not see very many formations as perfect and symmetrical as our ideal picture, a fact which the several actual examples
accompanying this chapter amply illustrate. Either shoulder may, in fact, go higher or take more time than the other. I ither or both may come up nearly to the level of the head (but not
equal it, else no Head-and-Shoulders) or both may fall considerably short of it. If activity attending the right shoulder is abnormally dull, that shoulder is apt to be low but protracted in time. In general, there seems to be a balanced relation between the three elements of price pattern, time and volume which is practically impossible to express in words or figures, but which one comes with experience to sense in their development. However, there are no
"laws" beyond those stated in our A, B, C and D; within those
limits, look for an infinity of minor variations.
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