Be carefull, nice monthly candel, but dangerous daily and weeklyTo be honest, I have to say I'm a bit disappointed. If you look at the candle on a monthly chart, you'll see that it looks great. But on a daily chart, we didn't manage to break and close above the SMA 200. I thought the market would break above SMA200 with a big, powerful move and close above. Instead of going up, we moved down, then went back up straight away. It doesn't look like there's enough power to move higher.
I'm not sure what's going to happen, but I'm most worried about the weekly chart. As you can see, there can be a H&S pattern in developing. I'd love to see a surprise if we close below this week's candle next week. As you can see, there's a big green candle followed by a candle with a long upper and lower shadow and a small body. It's pretty clear that there are issues to be addressed if we're going to move up the ranks. So, if the market closes below this week's low next week, I'll be short because of the H&S pattern.
