Stock Market Pullback Off Lows Pattern Forecasted Today’s Sell Off
Stock-Markets / Stock Markets 2010 Jul 16, 2010 - 01:16 PM GMTWhen you look at the following charts, it’s really pretty simple. Downtrend channel resistance is resistance.
In downtrending markets, it’s all about shorting stocks that are in clearly defined downtrends.
See those pink line breaks to the downside? They were all you needed to know. They are also commonly referred to as bearish Pullbacks Off Lows (POL) patterns.
We call each of these rally attempts Pullback Off Lows pattern. We draw a pink line connecting the lows of each rally attempt. A break below the pink line represents a new short-sell trade.
As a result, we initiated new short-sell positions today.
By David Grandeywww.allabouttrends.net
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David Grandey is the founder of All About Trends, an email newsletter service revealing stocks in ideal set-ups offering potential significant short-term gains. A successful canslim-based stock market investor for the past 10 years, he has worked for Meriwest Credit Union Silicon Valley Bank, helping to establish brand awareness and credibility through feature editorial coverage in leading national and local news media.
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