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Abercrombie Looks Set For Lift Off Into 2025
45 minutes ago
Monday, November 10, 2008
TODAY'S ACTION
Interesting day where I didn't think we would be fading the gap as far as we did. Regardless, we re-entered the consolidation range not giving a care about China's stimulus package. On a longer short-term view, we are forming a bearish flag after having failed the 20-day MA 3x. At this point, we are more likely to test the October lows than to breakout to the upside. This can obviously change as each new day gives better guidance. The NASDAQ formed a 'stick sandwich' and you can also see that the Russell 2000 formed a same pattern, both of which exhibit highly reliable reversal patterns.
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4 comments:
hey john, love ur site.
how reliable are these stick sandwich signals? AAPL and GOOG both broke down from major triangle patterns and to me it would mean more weakness in the nasdaq. GOOG is now below a 2005 gap level.
extremely reliable, one of the best. I went 100% short yesterday into the close (any of my students can back that up). If we hold this weakness, we're going down regardless to test the Oct lows.
Isn't a stick sandwich a bullish reversal?
no, a bullish one is with 2 white candles.
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