How to judge todays market? Yesterday - a long candle body up, today a red candle looking like hammer. The question is now: Is this hammer part of a bottom building or is it the end of the upward correction attempt?
I prefer the latter. We are in a well running downtrend which has been interrupted by little corrective moves from time to time. Yesterday the rate didn't reach a new high and the candle body could not engulf the previous day. Thus I consider
todays hammer as a denial of a bottom by the market.
I prefer the latter. We are in a well running downtrend which has been interrupted by little corrective moves from time to time. Yesterday the rate didn't reach a new high and the candle body could not engulf the previous day. Thus I consider
todays hammer as a denial of a bottom by the market.
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