Yesterday a bullish engulfing candlestick pattern formed. This is a bullish reversal pattern. It needed an up day to confirm. But instead we got a down day that in fact formed a
bearish dark cloud cover pattern. We need a down day tomorrow to confirm. I cleaned up the daily candlestick chart and drew a true channel (
blue). You can see while we were down today we only traveled to the bottom part of the blue channel, we did not break down out of it. Also note that we held the
Long term channel (
green).So do we bounce up or break down?
VIX:SPX opened outside the wedge and managed to close outside the wedge today. The MACD histo looks like it could be starting to trend up. From this chart I would think we would break down out of the channel on the SPY chart.
Hey the CPCI:CPCE is starting to curl nicely, now we need the 30ma to cross the 50ma going down to really be able to pile in to the position.
Yesterday a bullish engulfing candlestick pattern formed. This is a bullish reversal pattern. It needed an up day to confirm. But instead we got a down day that in fact formed a bearish dark cloud cover pattern. We need a down day tomorrow to confirm. I cleaned up the daily candlestick chart and drew a true channel (blue). You can see while we were down today we only traveled to the bottom part of the blue channel, we did not break down out of it. Also note that we held the Long term channel (green).So do we bounce up or break down?
VIX:SPX opened outside the wedge and managed to close outside the wedge today. The MACD histo looks like it could be starting to trend up. From this chart I would think we would break down out of the channel on the SPY chart.
Hey the CPCI:CPCE is starting to curl nicely, now we need the 30ma to cross the 50ma going down to really be able to pile in to the position.
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