LJ, thanks for the time and effort. However, I am not as prepared as you to interpret the candles as bearish.
First, the gold and HUI weeklies clearly show the candle before your "three crows" was down, which IMO says the interpretation of 3 crows is at best imperfect. Instead, the best interpretation of a bearish formation (if it develops) would be a three line strike, which would require a significant upmove this week to confirm.
On the bullish side, a ladder bottom could form, which would require an inverted hammer this week and an upmove next week. In fact, if my read on interrelated markets is right, this outcome has a great chance of happening.
In either case, someone who bought at the lows last week should be able to sell at a profit at then end of this week (ST bull, IT-LT bear cases) or in the coming months (ST neutral, IT-LT bear cases).
In any case, the IT candle interpretation will resolve by Friday. ALL IMHO.
Regards,
crusty |
