Chart Abbreviations:

3BC: 3 Black Crows; 3WS: 3 White Soldiers; BeC: Bear Channel; BeE: Bearish Engulfing; BTC: Buy To Close; BTO: Buy To Open; BuC: Bull Channel; BuE: Bullish Engulfing; DCC: Dark Cloud Cover; EnP: Entry Point; ExP: Exit Point; FW: Falling Wedge; HL: Higher Low; HH: Higher High; HM: Hanging Man; IR: Island Reversal; LBB: Lower Bollinger Band; LL: Lower Low; LH: Lower High; LPP: Lock Profit Point; MBB: Middle Bollinger Band; NABOP: Not A Bottom Out Pattern; NATOP: Not A Top Out Pattern; R: Resistance Line; RW: Rising Wedge; S: Support Line; SLO: Stop limit Order; SMO: Stop Market Order; STC: Sell To Close; STO: Sell To Open; T: Target; TSO: Trailing Stop Order; UBB: upper Bollinger Band;

Thursday, January 22, 2009

DJI today closed at 8122, -105

DJI daily chart update

This is an insider hammer day, closing point is above fibo .500 of yesterday's bar, below S3, bullish and bearish... so, neutral.

Today is Day 3 of that Tuesday dive... it need to take out the Tuesday high at least intraday tomm.

I think DJI is trying to forging out a bottom zone here, although the chance to see new Lower low is possible, but what is happening here near 7936 is like an EVA bottom action, while the low at 7774 is a single day action, which is an Adam bottom.
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