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Hi,
But how would you see it if the 22nd were the last bar on the chart?
Thank you,
Bert |
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My thoughts on the 22nd as the last bar (please keep laughter down to a small guffaw)...
And, of course, this is all with the benefit of hindsight.
There has been a sustained move down since just before the 14th, on huge volume, with the highest volume of all on the 22nd (ignoring the 23rd here). Highest volume after such a big move down suggests capitulation to me.
There is a long shadow/tail, the price closed towards its highs (well, at least in the upper quarter). Big effort to fall, result - close is strong - not bearish. There must have been good buying on this bar.
My rudimentary knowledge of Wyckoff analysis has got to tell me this is NOT a bearish bar and I would be looking for buy opportunities on the following bars. My inner-candlestick guy is screaming at me that it's a fantastic looking hammer too - and taking all that background into account is making it even stronger (try as I might to smother him with Wyckoff I cannot shut the inner-candlestick guy up).