V Bottom

lauralea Updated   
NASDAQ:EQIX   Equinix, Inc.
Price is Not to EL (Long entry level) as it has not broken the high on the left side of the V.

Possible bearish divergence between price and RSI (an orange line marks this divergence)

This was traveling in a rectangle before it broke to the downside.

It is back inside the horizontal trading channel once again, bound by a resistance line until broken and saved by a support line until broken.

A V pattern is calculated like a cup and handle which uses the depth of the structure to calculate targets, but there is no rounded bottom. It is sharp and pointed at the bottom and is often just a one candle bottom.

A smidgeon is added to the entry level (I added 10 cents) to help assure that resistance is passed but it is still advisable to wait for a confirmed uptrend to enter. Some would use a 2 session close above resistance but throwbacks do happen.

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No recommendation.

Long upper wick on daily candle noted on Friday (needs confirmation and if it is a lower close on Monday, this would be a 3 inside down pattern)
Candles can indicate short term price moves.
Candles with a long top wick and no bottom shadow will form a bottom shadow at some point and vice versa. Much of candle analysis is based on where the candle occurs, at a top or at a bottom/at resistance or at support, so really candles just blow in the wind without confirmation. I like using them though and I think of them as market psychological indicators. A shooting star at resistance indicates a different thought process than an inverted hammer at support, even though the 2 candles can look identical if one looks at each alone. Much like a hanging man and a hammer have different meanings based on where they occur in a chart,
Several spinning tops of indecision are up there as price is trying to reach the resistance of the old rectangle and the V.

Price is sitting on the .382 of the trend up since the covid low.
RSI Divergence/orange line
Correction: This will NOT be a 3 inside down candle pattern. I was looking at the wrong chart )o"
3 inside down consists of a harami which is a 2 candle pattern and the 3rd candle is a red down candle
The Harami/bearish is on weekly not daily )o:
Spinning top/indecision at resistance

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