The retracement down has failed for the moment, thus I expect a further test whether there is more potential on the upside.
All right, the hammer has a little to big head, but I suppose thet is is one. And as it stands at the end of an attempt of a downward correction which could not be completed by Fibonacci rules I assume that the downward momentum is not very large.
There seems to be no retracement after the recent decline, i.e. the fall shall continue.
After this steep fall the stok may go to close the window now.
The trend is running and running. Infineon looks outperforming and now that the DAX is consolidating there seems to be few risk on the downside.
The Shooting Star indicates falling prices the more that it it shines imediately below a relevant moving average.
We have retraced 50 % of the rise since 18th May now. An attempt to continue with this trend is likely.
How far this correction will go is open. It will depend on the momentum it will be able to gain in the next few days. Even a large drop seems possible due to the long way uphills before.
After the retracement the rate failed to climb up futher on, so that a continued ecline as a correction to the previous rise becomes likely.
I consider the little rise today as the completion of the fibonacci retracement of the fall on May 17th. Thus the downward correction of the big upward wave may continue now.
i.e. they are burning down. A correction is due.
We are toughing the upper border of the rising channel now and may see an attempt to correct and try o close the window. However I suppose the outbreak of the red triangle will be more important and we rather see the continuation of the upmove . Thus I am taking first long position and will increase later.
We've reached the bottom of the sideward range of the end of March now and are close to the 38 % retracement of the last decline. This opens the opportunity of aother short position.
And they all are still bullish.
We break beneath the daily triangle which shall suggest lower prices now.
After the hammer candle yesterday Schlumberger may try to test the upside to close thw window.
After this good day for SAP it looks more bullish now again. I am sorry for the short comments but it is very much unconvenient to write without seeing the chart now. The more that your comment written already will diappear when you revert to the chart in the meantime. I've reported this as a bug. If you also dislike this new "feature", please report it as well.