history doing that "repeats" thing

Discussion in 'Financial Cents' started by Tango3, Jul 6, 2010.

  1. Tango3

    Tango3 Aimless wanderer

    cnbc says the Dow reflects the same "head and shoulders" pattern seen in 1929 and '30:
    Dow Repeats Great Depression Pattern: Charts

    Published: Monday, 5 Jul 2010 | 5:31 AM ET

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    By: CNBC.com

    The Dow industrial Average is repeating a pattern that appeared just before markets fell during the Great Depression, Daryl Guppy, CEO at Guppytraders.com, told CNBC Monday.
    “Those who don’t remember history are doomed to repeat it…there was a head and shoulders pattern that developed before the Depression in 1929, then with the recovery in 1930 we had another head and shoulders pattern that preceded a fall in the market, and in the current Dow situation we see an exact repeat of that environment,” Guppy said.
    The Dow retreated 457.33 points, or 4.5 percent last week, to close at 9,686 Friday. Guppy said a Dow fall below 9,800 confirmed the head and shoulders pattern.
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