That's a great question. Imola and USD have alluded to their belief that these classic pivot signs ( which are very real, just pull up a daily chart) as being " painted " at times for the sheep. I believe there are folks whom would most certainly engage in that if they were able, but I differ in that. Markets are made up of countless players globally with competing interests that change frequently , and players constantly getting in and out. In order to " paint " something like spy, given the facts just stated, it would take an impossible coordinated effort, which I feel is just not even a real consideration as plausible.
Candles/ charts do attenuate all these players , their feelings, motivations, etc, into a readable format. Charts and candles are an imperfect science ( for lack of a better word) to say the very least.
But, dojis do clearly represent market ambivalence, or indecision. We have to ask ourselves, where is that indecision occurring ? In OB or OS or neither? In this case today's doji occurred at the lower range of OB on the daily. Also, the longer the wicks ( upper/ lower) generally the more powerful the doji is as a pivot, when occurring in OB or OS.
For example, last Friday we had a selling cessation candle, inverted hangman, that occurred on the lower BB in OS , and what did we get, a trip to the upper BB, as I said would most likely occur at that time. Now, we have a doji , occurring in OB on the upper BB, so....
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