Bull flags forming on the S&P and Dow right now while the Nasdaq is a small Doji high. I suspect that we need another brief rest soon, with even the AAPL powerhouse needing to take a breather, I would say sooner rather than later.
Nothing too dramatic, but an established stock can only keep rising for so many days in a row, and in AAPL‘s case I think there will be a delayed reaction to the large Doji made on 17th November. This is not uncommon, so it will be interesting to see how the stock reacts today.
Another one to look out for is V which has broken out nicely as anticipated, but I want you to look back at the pattern made on 15-16th October. The pattern made was a Doji low followed by a large bullish engulfing bar. This pattern is a hybrid between a Doji reversal and a Railroad Track setup. When I mentioned this a few weeks ago one of our more prominent members coined the term ‘Railroad Crossing’, which I do like!
Ultimately V‘s pattern could be summarized as a clean Doji reversal, but the following bar did give that more weight and another chance to get into the reversal. These patterns can vary somewhat and I’ll be highlighting more of them over the coming weeks and months.
In today’s video I draw it on the chart with V, so look out for that because I forgot to vocally mention it in the actual commentary!
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