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Wednesday, May 11, 2011 12:01:29 AM
Allow me to revise my response as I have done more studies and collaboration tonight.
You are correct it is a hammer today, es has confirmed as well;
As to what to do, I beleive we only have 3 choices; buy, sell, or hold. It is up to you as to what you see the pattern telling you.
What I may venture to say is this:
First of all I point out that the hammer should be viewed in the context of prior price action- like a day before, which I beleive was bearish-neutral yesterday and if we include Friday-bullish. I think(amateur) that we need to watch tomorrow for confirmation of today's seemingly reversal pattern. If confirmed should see a nice uptick to tomorrow's start. There could still be tug-of-war, could go either way -white hammer is more bullish, we were black today. Bullish trend not firmly established yet.
PedroMon
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