There are some very strong candlestick patterns developing after the bullish market trend confirmation yesterday. The strong candlestick patterns are the J-hook patterns. Candlestick patterns have two major benefits. First, they produce a high probability of a trend direction and secondly, they produce the probabilities of a much stronger price move than merely up-trending stocks during an up-trending market. The Fed comments were not unexpected remarks. However, as illustrated in the strong price move in the indexes, investor sentiment was confirming the uptrend was still in progress. This was illustrated with the indexes all closing above the T-line. Today’s consolidation produced additional bullish confirmation, with the indexes pulling back and using the T line or the 200-day moving average as support. The confirmation of the uptrend continuing allows for scanning/identifying the strongest price move potential candlestick charts. Gold formed a J-hook pattern today. This makes scanning for the strongest chart patterns developing in gold stocks. Join us tonight for our open candlestick chat session. We will illustrate which J-hook pattern setups produces the strongest potential price moves.
Chat session tonight at 8 PM ET. Click here to register.
Good investing,
Stephen Bigalow
