Are you waiting for a stock to hit rock bottom? If so, you should be watching for the three outside down candlestick pattern. This formation is a reversal signal that no smart trader will ignore. It begins in the midst of a long downturn. The market has been falling for a while, and the long black candlestick of the first day of this candlestick pattern is a continuation of this downward trend. However, while the second day opens low, it then moves steadily upward through the day, ending with a closing price that is well above the first day’s starting
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