I try to look at candlestick patterns too, but I like to combine them with the other TA's as well. I just think that the larger time frames are now a lot more negative then they were back then… especially since the market is now below the moving averages instead of above them.
The MACD is definitely in a weaker position this time around. I was mainly focused on the fractal pattern of the candlesticks. Candlestick theory generally is unconcerned with MACD or RSI.
Go here if you want to explore more candlestick theory:
I won't rule out a move up, as it's certain possible. But, I did notice on that chart that the MACD's had crossed over and were pointing up at the previous black candle you have circle.
However, right now the MACD's are still pointing down on the black candle we had today. That's a big difference and shouldn't be ignored. If today's daily chart was showing any signs of pointing back up then I'd agree with you that we might rally, but the comparison in that chart isn't equal in my opinion.
But good luck with it Dread… I do wish you well. Maybe it will show some signs of turning up tomorrow? I don't know? Anything is possible.
Went long with a 1/2 position in DRN after hours (40.20, but I could have gotten in for $40 if I waited). There are a gazillion reasons to be bearish but this chart is suggesting something else:
Yeah, and just briefly looking at the charts, the 60, 15, and 5 minute charts are pointing back down now. Not good for a rally, that's for sure. But, who knows? Maybe they will spin the GDP to a positive number, and up and up and away we go!
Red, that was not a good close, let see what tomorrow brings. On the daily(spx), the bollinger bands are expanding, the RSI could still go lower. You may be right we are going lower. Fingers crossed! If it at closed at 1040 that would be an even better close.
I try to look at candlestick patterns too, but I like to combine them with the other TA's as well. I just think that the larger time frames are now a lot more negative then they were back then… especially since the market is now below the moving averages instead of above them.
The MACD is definitely in a weaker position this time around. I was mainly focused on the fractal pattern of the candlesticks. Candlestick theory generally is unconcerned with MACD or RSI.
Go here if you want to explore more candlestick theory:
http://www.americanbulls.com/StockPage.asp?Comp…
I won't rule out a move up, as it's certain possible. But, I did notice on that chart that the MACD's had crossed over and were pointing up at the previous black candle you have circle.
However, right now the MACD's are still pointing down on the black candle we had today. That's a big difference and shouldn't be ignored. If today's daily chart was showing any signs of pointing back up then I'd agree with you that we might rally, but the comparison in that chart isn't equal in my opinion.
But good luck with it Dread… I do wish you well. Maybe it will show some signs of turning up tomorrow? I don't know? Anything is possible.
Went long with a 1/2 position in DRN after hours (40.20, but I could have gotten in for $40 if I waited). There are a gazillion reasons to be bearish but this chart is suggesting something else:
http://www.screencast.com/users/dreadwin/folder…
2 more days for the bears to feast. ……that is all………………….
Red is going to have a field day this evening! Looks like his call was Golden. As Red would say “Watch out below”.
S&P 500 analysis after closing bell
http://niftychartsandpatterns.blogspot.com/2010…
Yeah, and just briefly looking at the charts, the 60, 15, and 5 minute charts are pointing back down now. Not good for a rally, that's for sure. But, who knows? Maybe they will spin the GDP to a positive number, and up and up and away we go!
Red, that was not a good close, let see what tomorrow brings. On the daily(spx), the bollinger bands are expanding, the RSI could still go lower. You may be right we are going lower. Fingers crossed! If it at closed at 1040 that would be an even better close.
Nice call Anna. You could not have been closer than that.