Lower low major trend reversal, very strong wedge bottom and reversal up into 60 minute channel. Should test top of channel within several days

• Friday, November 16, 2012
• Bar 1 - Yesterday ended with bull spike, but still not forming higher-lows, so still broad bear trend. Lots of bull spikes yesterday and below 60 minimum or minutes bear channel so odds favor fail, failure bear breakout and test of top of channel, but bulls need to get above lower highs, like yesterday 76 and 53
• Bar 2 - Two bar revresal, two legged pullback in a bull move 79, but top of trading range and still forming lower highs. Ok swing buy or long for low of the day but higher probability to wait for breakout. Micro double top 78 sell or short for high of the day, but bull body and big bars in tight trading range so lp and swing only
• Bar 4 - Bear follow through so more down, despite tail
• Bar 5 - Close below low so breakout for measured move down below low of yesterday
• Bar 6 - Two legged pullback in a bull move 2, bull reversal bar but 1t body and tight channel. Sellers above. Don't buy or long yet
• Bar 8 - Strong bull reversal bar, lower low major trend reversal, possible low of the day, but tight channel so ok to wait to see if strong bull breakout
• Bar 15 - Lower high so swing sell or short but 8 bar bull microchannel in broad bear so lp. Better to wait for second entry sell since probably buyers below. Bulls want higher low major trend reversal after lower low major trend reversal. Trading range day so far, but still in broad bear channel until bulls can get above prior lower highs
• Bar 17 - Higher low major trend reversal but not enough bars and 1t body. Wait
• Bar 19 - Outside up bar, micro double bottom 17, but tight trading range so wait
• Bar 20 - Outside down bar, ooo, but middle of trading range day so lp. Swing only. Better to wait
• Bar 21 - Follow through, more down
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