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CANDLESTICK CHARTING  |  October 23, 2008
DIA Gets Triangular
A three inside down bearish candle pattern formed on the DJIA. Will this reversal pattern take the index lower? A symmetrical triangle may stop sellers dead in their tracks, but if the pattern opens the door to further selling, it may be time to pull the fire alarm again. Should the triangle's trendline be penetrated again, it will attract more shorts who gang up on DIA. The index needs a heralding big tent price revival in order for prices to have a heavenly ascent higher; otherwise, prices will freefall further into a bottomless pit.
by Ron Walker

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