September 12, 2016

Market outlook

Daily charts
- trend is up on daily charts
- today marekts down 1.7%, AD negative
- VIX up 15%
- fast move in opposite direction hints at trend reversal
- expecting support around 8700
- next support 8480
- 8500-8700 is cluster of supports




5 min charts
- big gap down reduces scope for more gains
- did nothing


3 comments:

  1. Kpl Bhai,
    Would the candle of 7th qualify as a Marabuzo? If so it would indicate an intermediate top coming at the end of a long uptrend. Please shed some light on this. Vijay

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  2. If you think you've found a Marubozu candlestick pattern, look for the following criteria:

    First, the single candle involved in the signal should have a long real body. Second, there must not be an upper or a lower wick (a.k.a., a shadow).

    That's all there is to it! You're looking for a big block without any extraneous limbs or extensions.

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