Monday, September 7, 2009

Weekly Candle Pattern 08/08 vs 08/09

I'm a fan of looking back to see if history tends to repeat itself by finding patterns that have happened before and applying them to today. Here is one that I found last week that I thought was interesting enough to share with you. When I found it I thought it was done after we had our 200 point drop but it seems the market closed on a positive note and was able to continue the formation. If there is any truth to this pattern we should not close see any prices above 1028. Interestingly enough this pattern is also the top right before the October free fall made last 08. Could there perhaps be a repeat?

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