Kudos to MMs
- Thread starter nitro
- Start date
The volume all day was been weak.
Except for the past 30 minutes when the dow surged 200 points.
This means the buyers are in control. Cover all shorts. Huge white candles.
Except for the past 30 minutes when the dow surged 200 points.
This means the buyers are in control. Cover all shorts. Huge white candles.
The move down happened while I was at work. I was relieved to see it was on low volume. It wasn't a surprised that it started up again after lunch.
Lately the trend is a move up in the last half hour or so. Today it started about 2:15.
I think buyers are in control.
The markets were in asymmetrical triangles. This was a false breakout to the downside. Now the real breakout to the upside is coming.
Lately the trend is a move up in the last half hour or so. Today it started about 2:15.
I think buyers are in control.
The markets were in asymmetrical triangles. This was a false breakout to the downside. Now the real breakout to the upside is coming.
Quote from nazzdack:
Aren't triangles "supposed" to breakout in the direction of the trend preceding the triangle? In this instance, to the downside?
Yes, *unless* they appear after a bottom.
So the question is if you believe it was a bottom? If no, then breakout down. If yes then breakout can be in either direction. Today's doji put it back into the triangle and I'm putting odds on a breakout to the upside.
There just isn't much selling pressure left. Buyers are waiting for the price to go lower, possibly to 10/10 lows before buying up bargains. Like waiting for the after christmas sale.
But no more selling pressure. So that means any day buyers will step in. When that happens EVERYONE will jump in (follow the herd) for fear of missing "the" bottom.
It's going to happen fast. This triangle is like a spring that's going to pop.