I am anticipating the top of this intraday indecision uptrend. The 4 hour has been creating weak candles throughout this bullish push to retest 38.2. or the bearish engulfing for the daily Lower high. Intraday on the 1hour chart price presented a shooting star at a retest of a prior shooting star. I placed my stop loss just above some prior highs in that area.
AMEX:IWM 50 MA crossed down the 200 MA on the daily and 4H timeframe. The daily chart shows a lot of sellers. IWM also made lower highs on the weekly timeframe. Also, the exchange traded fund is resting on a trendline that it's maintained since March 2020! If we break down below 170 and it holds, IWM should see more downside. The weekly chart shows an increase...
Here we can see the formation of an inverted hammer which is usually called as a shooting star. This generally appears in a bullish run and indicates a reversal in the trend. The very next candle is a conformation of the shooting star. If someone had taken an appropriate put trade they could have easily gained 454 points.
$SPX Monthly View
Ok, so this is absolutely NOT intended for intraday or near term trading… this is a long view and it could play out immediately, or it could be days or even weeks….
There are a few of the notable MONTHLY bearish shooting star doji candles…. One right before the covid crash…., Nov. 2021, This month…
And previously - July 2000, May 2001, July...
