Hi guys, i am back from a really hectic schedule, these exams are killing me...lol!
anyways here is how i see my Gu charts...
http://i81.photobucket.com/albums/j2.../dipshfg-2.gif
semicircles 1 and 2 show higher lows as the market trends up while 3 and 4 do'nt provide healthy news for the bulls...it's clearly evident that this last low (4) was'nt higher than the previous low (3)...
besides i can see a potential head and shoulders too, with the price dropping/gapping down on monday and possible consolidating somewhere around those red indiciated zig zag lines and then finally a break of the uptrend support line should cause some nice short entries...all of this is ofcaorse just a possibility and i am not expecting it to happen 100%
then this recent consolidation...during active times in the market indicated by the long green bars on the main chart and on the volumes indicator too suggests that everytime acitivity increased it resulted in more ppl buying than selling but this recent increased acitivity (indicated by semicircle 5) did not result in such an event, infact the 15 min Tf reveals we have been into some sort of a consolidation for the last few hourly bars before the weekly close...hmm signs of bull exhaustion??![](https://resources.faireconomy.media/images/emojis/64/1f914.png?v=15.1)
and by the way any immeditae bear pressure evident from a gap on the downside on monday or some nice bear movment is going to close my daily candle into a kind of a pin bar (with a long upper wick) which is 2 hours from close...further confirmation of a move down..
so in a nutshell i am expecting bearish monday, but let's see how it goes...
regards,
Ghous
anyways here is how i see my Gu charts...
http://i81.photobucket.com/albums/j2.../dipshfg-2.gif
semicircles 1 and 2 show higher lows as the market trends up while 3 and 4 do'nt provide healthy news for the bulls...it's clearly evident that this last low (4) was'nt higher than the previous low (3)...
besides i can see a potential head and shoulders too, with the price dropping/gapping down on monday and possible consolidating somewhere around those red indiciated zig zag lines and then finally a break of the uptrend support line should cause some nice short entries...all of this is ofcaorse just a possibility and i am not expecting it to happen 100%
then this recent consolidation...during active times in the market indicated by the long green bars on the main chart and on the volumes indicator too suggests that everytime acitivity increased it resulted in more ppl buying than selling but this recent increased acitivity (indicated by semicircle 5) did not result in such an event, infact the 15 min Tf reveals we have been into some sort of a consolidation for the last few hourly bars before the weekly close...hmm signs of bull exhaustion??
![](https://resources.faireconomy.media/images/emojis/64/1f914.png?v=15.1)
and by the way any immeditae bear pressure evident from a gap on the downside on monday or some nice bear movment is going to close my daily candle into a kind of a pin bar (with a long upper wick) which is 2 hours from close...further confirmation of a move down..
so in a nutshell i am expecting bearish monday, but let's see how it goes...
regards,
Ghous
I believe . . .