Looks like EA is forming a weekly H&S with a neckline at roughly $105.50 and with the shoulders and neck at about $116 and $122.75, respectively. A few notes on the formation are listed below:
1 - The beginning of the H&S formation shows strong volume on the way up, as a good H&S pattern should, which subsides as the head is formed
2 - The fall from the neck is on strong volume, with the bounce off the neckline showing lower volume (the creation of the right shoulder).
Note the RSI, CSI, and Stoch, all moving lower even though the formation is moving relatively sideways (or up if looking at the left shoulder to head).
The black lines at $91.75 and $75 are my target points should EA complete the H&S pattern and break below the strong trend line that begins (on my chart) in July of 2015.
1 - The beginning of the H&S formation shows strong volume on the way up, as a good H&S pattern should, which subsides as the head is formed
2 - The fall from the neck is on strong volume, with the bounce off the neckline showing lower volume (the creation of the right shoulder).
Note the RSI, CSI, and Stoch, all moving lower even though the formation is moving relatively sideways (or up if looking at the left shoulder to head).
The black lines at $91.75 and $75 are my target points should EA complete the H&S pattern and break below the strong trend line that begins (on my chart) in July of 2015.
