10 top travel destinations on Three reasons immediately come to mind why this did not set up a valid short below combi 7: there was no harmony between the shallow lag and the tall pole from which it hung (5-6); the short entry was offered at quite some distance away from the 25ema (adverse magnet); the unbroken pullback line offered potential obstruction that coincided with a level of technical support (highs of the three-bar block starting at 6). Notwithstanding our reservations, prices slid down once again, which added another leg to the bear rally. But do take note of the accelerated fashion in which this took place. Was this the dying breath of the bearish market? Telling by the way the low of bar 8 was bought up (long bottoming tail) plenty of bulls indeed thought it was time for some contrarian fun.
Or else there were plenty of bears cashing in on their windfall profits in the face of the US lunch-hour doldrums ( 1 8:00- 20:00).
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In price technical terms, progression 7-8-9- 1 0- 1 1 is almost an exact 191 Understanding Price Action copy of the W-reversal discussed in the foregoing chart. The middle-part section (box) was arguably even more predictive here, almost trumpeting the pending completion of the right leg (note the bullish combi starting at 1 0).
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