Thomas B
His analysis is also pointing toward second leg down soon.
There were 27 patterns found this week (excluding pipe bottoms; pipe tops and bottoms are found looking back 2 weeks) out of 616 stocks searched, or 4.4%. Based on the percentage, the stock market is trending since few consolidation patterns appear.
I found 2 pipe bottom chart patterns, which is neutral. High numbers of pipe bottoms can signal a bullish move (I see many of them just before a bear market ends or during a bear market rally. Often it means the first bottom of a double bottom has formed. Thus, expect a move down to the second bottom).
Excluding ETFs, there were 9 bullish chart patterns this week and 13 bearish ones with any remaining (2) being undecided. The ratio of bullish to bearish patterns suggests the market is hinting of a coming bearish (down) turn.
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