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Pastimes : CHEERS TO CHARLES DOW
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To: Eddy Blinker who wrote (91)5/26/2002 7:55:33 PM
From: MechanicalMethod  Read Replies (3) of 148
 
The interesting thing about thurs. is it was an outside bar that closed higher than c[1] thus signaling exhaustion of the downthrust but the intraday chart shows it actually broke H[1] first and resumed the downthrust breaking below L[1] and then recovered to c>c[1] which at that point no longer had weight as a reversal signal.

IOW, at first glance thurs. looks like a buy signal but looking closer it's not. At this point any upthrusts will be contra-trend swings because of the recent lower lows and lower highs.
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