GCN = I'm very impressed. We have an Evening Star Patter. High reliability bearish pattern. So I'm watching a bit of the action today and thinking this is not going as planned. Once I got home and saw the hammer. I got excited. The significance of the hammer is the Bulls won today’s battle and took out a very strong opposing army. Other signals include wick sitting on a strong support line, real body sitting on a long range timing cycle. And previous pattern that would have been voided on a false breakout given extra strength with today’s battle.
If you’re not already in. Look for further confirmation tomorrow of either.
A. Me being wrong and this has a continued move Southward.
B. The signal that I see actually giving the goods and this starts a nice move Northward. The psychology involved is quite major as this was a significant victory for the Bulls. So they will still be feeling confident tomorrow as well.
If the confirmation isn’t given then I can see a retrace back into the pattern and a break below the patterns support line.
GCN Price at posting:
4.5¢ Sentiment: None Disclosure: Not Held
