Or if you prefer, this chart is now absolutely useless for showing distribution. Choose the dialect that suits you.

http://www.youtube.com/watch?v=3IBXNV0H4VA

Unfortunately, I have less faith in Bob Prechter (because of his past calls) but his points in this video are very very valid. We cannot deny the validity.

Pretcher certainly applies his artistic license liberally. Highest volume at the head is incorrect. Stockcharts.com shows this example. Note that the left shoulder has the highest volume, and the next two volume tops slant downward from there.





And what's with his mix of Dow Jones price and a moving average of NYSE volume? There's no H&S shape whatsoever on the NYSE, btw. If one wants to mix and match to show a H&S, at least try to show an actual classic formation. And whoops, this example didn't work out for the classic outcome...

Respect to you, Speilchekr. Prechter's chart is only for "entertainment" purposes but it is one of the many possibilities that can happen. Thanks for considering the details. Stockcharts also suggests that volume may not (always) follow the pattern that they suggested like a classic.