you can't see it as easily here because so much time has
elapsed. But it seemed to me on the hourly charts in early
July (from July 1 to July 2) there was a gap down and then later
(14th to 15th) a gap up to form a possible island bottom. You
can't see it on the daily charts- for some reason the candle shows
a wick on the first gap I mentioned. But you can check
the hourly charts. IF it is a island bottom - those are
supposed to be pretty powerful moves, but if I am not mistaken
they are retested. So could it come back to test the loww of
July 15th and then start going back up for a couple more
months?
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Dynamic Stockchart Links
Posted by doodlebug on 11th of Aug 2009 at 09:18 pm
<img src=" http://stockcharts.com/c-sc/sc?s=SPY&p=60&b=5&g=0&i=p54252195058&a=165357341&r=340">
you can't see it as easily here because so much time has elapsed. But it seemed to me on the hourly charts in early July (from July 1 to July 2) there was a gap down and then later (14th to 15th) a gap up to form a possible island bottom. You can't see it on the daily charts- for some reason the candle shows a wick on the first gap I mentioned. But you can check the hourly charts. IF it is a island bottom - those are supposed to be pretty powerful moves, but if I am not mistaken they are retested. So could it come back to test the loww of July 15th and then start going back up for a couple more months?