time for pull back?

Thought Id try and brush on some two candle stick patterns ... so here goes with TYC.

* The body of yesterdays red candle totally encompasses the body of the previous day
* If we include the wicks, we engulf even more ... but its has more bearing with these excluded. HOwever when we take into account most of the trading was below 44 and it was only a brief, low volume sruge that got the price back to 34.
* It doesn't engulf the wick on the prior day ... but even so, it carries a lot of weight just getting the bodies of the candle.

With this in mind, we have potentially what is referred to as a Bearish Engulfing Pattern. Typically after a pattern like this the price will plunge. Sometimes it is referred to as an Outside Day ... where this includes the wicks ... but the open yesterday was a little low for that "definition".

At a psychological level, the bulls have been put in place. The price opened up ... and was swiftly given a kick in the teeth by the bears. The one counter to this is the low volume ... as normally such a pattern has volume associated with it.

Today will be the day we see whether the bulls or bears are going to dominate