The bottom of wave 1 is 10,980 which means that either this 4th goes into a rectangle/triangle or it is not a completed 3rd but a wave 1 of higher degree.
Tuesday, October 19, 2010
10/19 3:40
Critical support is DJI 5-minute, 370-unit EMA -1.35%. Price crossed the M/A at 11,069 which computes a support break at 10,919. Actual low at the end of the just-completed 3rd from yesterday's high is 10,918.53. Not a break. I'll still short small futures on the rally but I can't expand ETFs.
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For what is worth, we can see the daily candlestick pattern of today, on increasing volumes: a powerful "candle kicker reversal": at the end of a visible up trend, a new candle opens below not only the open of the previous WHITE candle, but also below its low. This a very reliable candlestick pattern that indicates the trend will now be down for at least several bars. Good evening. Carl.
ReplyDeleteFor what is worth, and 4 minutes before the close, we can see the daily candlestick patter, on increasing volumes: a powerful "candle kicker reversal": at the end of a visible up trend, a new candle opens below not only the open of the previous WHITE candle, but also below its low. This a very reliable candlestick pattern that indicates the trend will now be down for at least several bars. Good evening. Carl.
http://screencast.com/t/UOyNegTJ8
Carl
ReplyDeleteThanks for the post. Momentum is what we should have until the 26th.