Hawaii all inclusive on 32 Figure 8.2 Session overview: Whatever it was that caused the violent bull spike in the UK morning ( 1 -2), it didn’t take long for the situation to correct to levels prior to the pop. Ironically, the bull spike not much later provided the pole for a bear-flag formation whose break below bar 5 sent the market flying the other way around (pole-flag-swing) . In the DO-level below, another bear-flag set up (6-7), but the break of it failed to follow through. As is often seen, the flag formation then took on the blocky features of a W-pattern middle-part (6-8), which soon served as a stepping stone for a rather impressive bullish comeback. Points of interest: Although no setup was provided, there were good reasons for declining any long in the area of bar 3: the bull spike had started from a bear low at 1 (no buildup) , had penetrated the round number on the way up, and was most likely a news driven event (questionable dominance) ; and not unimportant either, the 2-3 correction had shown too much aggression to set up a valid turn. Hawaii all inclusive 2016.
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