Declines of More Than 12% After DJI Has Made New HIghs

  Completed Head and Shoulders patterns appeared in 8 cases.
                 December 1916, 97-89 after 12% level broken
                 December 1919, 105-90 immediately after 12% level broken.
                 October 1929,  320-200
                 June 1930,  260-160
                 aborted July 1933 after 20% decline.
                 no 1937 head and shoulders pattern,
                 June 1950 (only 14% decline),
                 October 1997 (only 15% decline),
                 July 1998, 8700-7700
                 June 2001, 10800-8100 

                                                   December 1916
wpe1A0.jpg (66399 bytes)
                     1919-1920
      December breakdown below neckline support came in aftermath
  of anarchist bombings and Red Scare arrests.  
wpe1A1.jpg (60766 bytes)
           1929 and 1930
wpe1A2.jpg (66795 bytes)
July 1933                                 20%    NO HEAD AND SHOULDERS
DJI1933.BMP (1072854 bytes)
March-June 1937                  15%
                                                  Later in the year the DJI fell 45%
wpe1A3.jpg (63732 bytes)
June - July 1950                    14%                             Early S9         Late B4          1
DATA50.BMP (1039254 bytes)
July - Oct 1997                        15%                             LS S12    Buy B17/B19   
wpe1A5.jpg (70040 bytes)
July - Oct 1998                        20%                            ESell S9/S12 Buy B9  
wpe1A6.jpg (68605 bytes)     
     June 2001 -  DJI then fell from 10800 to 8100  (25%)
wpe1A7.jpg (71132 bytes)