Its a simple idea on the Ninja based on confluence with a nice risk-to-reward. Check out the spoken commentary for further details and let me know what you think of the idea and the new feature.
The pattern is identified by 1 or 2 green bars followed by 2 or 3 red bars, each increasing exponentially in length. Unfortunately, every time after een exponential increasing drop the move is cancelled and the price starts to climb again. In normal market conditions this pattern is rarely seen and always confirms a massive drop following. This time it's drawn over and over again and cancelled to move the price to a higher level, away from support, eating from short positions, into areas full of stop orders, margin calls and manual panic exits.
Instead of a small trend upwards, the price is following a completely random path and repeating this pre-drop pattern. At Monday opening it holds the same position again. But if you take a close look at all time scales you will see it is still being pulled back a lot by buyers and then it's confirmed when the move is cancelled again as the price gradually climbs back up. Taking your analysis at hand this could go on for another 2 or 3 days. That would be the same as the week before last week when the first big fall also happened on Wednesday. Although, as the highs are flattening out it could be earlier.
Thanks, I am all geared up now :)