oldarmy1 said:
Financials have been a disaster. Most bounces have been short lived followed by new lows. Here is BAC showing the big volume that failed to reverse the dropand now the current huge volume pattern over the last week. If we see a green day then I would say another decent bounce is coming.
If we see BAC hit a new low on trend I will be watching for volume spike 5 times over average intraday volume and take a position. Remember the tactic market makers love, to take a stock just below the down side before jumping.
Arrows added to show how market makers many times take a stock to below the 3-5 day sideways trend just prior to a move upward. Happens the same way for a selloff too many times.
How do you determine which candle is the one that will proceed the reversal?