General Discussions, page-12653

Glad you raised the question, Costi. The 3 Black Crows pattern is based on the close, and is defined as three lower candles with a lower close with little or no lower wicks. So in that context Friday's high is irrelevant. But, but, but.... it is not what it seems, because market structure trumps that candle pattern and that is what I have alluded to in the former charts.

Your keen eye, commenting on the high, adds substance to my view. If you look at rising trends there are often several failures of Three Black Crows patterns which are considered to be bearish. On balance I think this will be a failure of a bearish indicator. Medium to long term prospects are sound.

The key is, understanding structure in an attempt counter moves by market manipulators who try to induce this move and often after the bell before results of the day are downloaded. Some advanced users do not use the close but average prices inclusive of the "mode". Horses for courses and the day's trade often has to be viewed without myopic vision. Trades are often associated with manipulators negative sentiment evidenced here and on social media inducing nervous nellies or newbies to spill. As they say, one negative takes 5 positives to outweigh less objective thinking.

Market manipulators know the textbook says, this pattern is bearish. That is a generalization. Its self-fulfilling in that context if people do not look at the structure behind the pattern to determine strength and take a measured view of risk v reward.

Costi, your keen eye notes something in the price structure which supports data analysis with the Weinstein cycle, RSI, Stochastics, and Fib pullback levels which on balance outweighs that candlestick pattern which market manipulators like to induce just above support. They want people to sell into support and tell you all about it on social media.

Their strategy is to pick up on the pullback. If using TA, perhaps looking for a hammer or a bullish engulfing pattern soon after the last crow is a signal the pullback has completed. That's why I said look confirmation after the Gartley pattern had concluded. Fib levels are most useful. Short term trading is like playing chess. Much less stress going long on a sound project such as RNU as Cronus depicts with his rocket. We are counting down waiting for PEPR. The fundamentals will outweigh the TA games.