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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Jack of All Trades who wrote (49317)5/12/2004 4:24:53 PM
From: Michael Watkins  Read Replies (1) of 52237
 
yes.. that's what we've had today.

If one ignores the bottom part of the day, SPX, DOW and NYA have triggered a 3 inside up pattern now.

Or, if we combine the price action of the last two days, you have hammer-like candles for SPX, DOW, NYQ and big outside bar in COMPX.

The bottom line was that price proved it could go lower. It found a bottom that it could handle for a day at least, now it needs to prove it can go higher still.

If it fails, the downside scenario remains fairly bleak... perhaps a 50% retracement of the rally since early last year instead of merely 20 some odd % to date.
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