wally wednesday, page-85

Morning all.

Anyone else find the action on the Dow last night interesting? I found it most compelling.

Have a good look at last night's candle. I couldn't find a similar candle in the last six months. It had a flat bottom! The first thing that suggests is that there was no testing and rejecting of lower levels.

Dig a bit deeper and you'll see on the 5 minute chart that it was only the last hour's trading that prevented a serious shooting star from appearing (a good shooting star has a flat bottom). Notice also on the 5 min the intraday double top coinciding with the double top now formed on the daily. Also, the last hour on the 5 min could be viewed as a bear flag.

Back to the daily candle and it was a near-miss shooting star right on the horizontal line of the previous major top.

I can't post charts but feel free to do so anyone. Other indicators most welcome. I'm a bear again.

Cheers,
10cents