We had a doji candle most of the day but we ended with a candle body bigger than what looks like a doji. However, its very small by comparison to recent candles. I think the market is taking a bit of a breather today to digest the current action.
Today's candle closed right on the 8ema with a green body. Certainly more bullish than a further down move. That's a little encouraging. Also yesterday's candle closed 525 1/4 which is where today's candle opened. So the 2 candles combined form a Bullish Harami pattern. This is encouraging, but would have been better if we closed over the 8ema, so its not an actual buy signal.
I added the large yellow angled lines to show a AB=CD pattern. It takes us up to the 561 target at the 27.2% extension of the original trading range shown with the green Fib lines. You can see there's another 27.2% extension now from the more recent yellow Fib range. This offers some confirmation of our target, although its a little lower.
We may get some more little candles around the yellow 50% Fib level at 524 before a clear direction decision is made. Of course, I'm hoping for a big up day as soon as possible, or at least a close above the 8ema. We could certainly go lower, but I think the odds are to the upside. I'm still holding.
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