Another update today...Thursday
Taking a look at the leader, or the NASDAQ daily chart, it seems we are forming a bullish falling wedge pattern. These are normally seen as bullish formations (even though prices have been falling) before more buying comes in. So far the warning signs are there. There was a hint in globex that some buy stops being taken out, and also I posted the vix was giving us some tell tale signs, but now only hours later, they seem like they want to take out more buy stops.
We will need to get over the higher resistance line of the bullish falling wedge pattern to play out further , however things are looking like they getting ready to bounce a bit for a few days.
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| bullish falling wedge |
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