Another week has past and we have another weekly candle to continue the story.
For the previous two weeks, i started monitor the weekly candle of Russell 2000 after breaking a long term uptrend line
As can be seen from my previous post, back in 2007, after breaking an uptrend line, price attempted to re-test and in fact successfully close back in the uptrend line just like what we have on last week of Oct 2014
Then price broke down again and finished as a DOJI below the uptrend line last week which is why i said 66.6% closer to history.
Had this week's candle close as a big red bar down to 1130, the title of my post would have been 100% replication of history.
Hence, either the history will not repeat, or history is being delayed as we have yet another Doji (Gravestone Doji) close weekly below the uptrend line. It means that for the 2nd consecutive week, both attempt to regain back to uprend line was unsuccessful.
Though price can continue to move higher along the underside of uptrend line, i choose to remain bearish IMHO if the channel holds valid (taking into account of false break out on the upside)
For the previous two weeks, i started monitor the weekly candle of Russell 2000 after breaking a long term uptrend line
As can be seen from my previous post, back in 2007, after breaking an uptrend line, price attempted to re-test and in fact successfully close back in the uptrend line just like what we have on last week of Oct 2014
Then price broke down again and finished as a DOJI below the uptrend line last week which is why i said 66.6% closer to history.
Had this week's candle close as a big red bar down to 1130, the title of my post would have been 100% replication of history.
Hence, either the history will not repeat, or history is being delayed as we have yet another Doji (Gravestone Doji) close weekly below the uptrend line. It means that for the 2nd consecutive week, both attempt to regain back to uprend line was unsuccessful.
Though price can continue to move higher along the underside of uptrend line, i choose to remain bearish IMHO if the channel holds valid (taking into account of false break out on the upside)
