The price hit a major psychological level and stalled. A long wick began to form at the bottom of the current candle, leaving behind a sharp "tail." It was a hammer pattern, a sign that the bulls were finally fighting back. But Elias didn't click 'Buy' yet. He had learned the hard way that a single candle is just a word; he needed a full sentence.
He wasn’t looking at the news or the panicked talking heads on the television. He was looking at the tape. He was looking for the exhaustion. He noticed the volume spiking—a climactic surge that often signaled the final, desperate push of the sellers. "Patience," he whispered to the empty room. Trading Price Action Reversals: Technical Analy...
The glowing red candles on the monitor felt like they were bleeding into the mahogany desk. Elias sat in the dim light of his home office, his eyes tracing the aggressive downward slope of the E-mini S&P 500. For three hours, the bears had been in total control, smashing through support levels like they were made of glass. The price hit a major psychological level and stalled