Now that we have NewMoMo in the public arena it is time to put another Marlynism on everyone's tongue - the Cathedral of Dead Money.
I've written before about steeples and that in days of old when the weary Knight was coming to the town the first sight he would see looming in the distance were the church steeples - often the highest point of the towns and cities. To the traveler it meant that soon he could sleep.
The same goes for the weary stock - it shows its weary owners a set of steeples and sometimes one or more of these are what I call the "cathedral of dead money". The "cathedral" is always built on a hill (e.g. - EMA4) and always has a longer neck (or wick) than tail (or leg) The wick is larger than the body. The Japanese called this a "shooting star". Sometimes there are two or more but they nearly always mean that end of the road for the stock is approaching. This pattern can be used on any time scale from minutes to months - it always means the same thing - it can be either white/green or red/black.
Here in the Village of SBUX we saw two back in January and they managed to build a new one recently - in the ever popular red color so much in style lately in the Village. This chart is dated March 9th and I'm not going to update it even though I'm publishing on the 14th.
The downtrend doesn't have to be as severe as the one shown here. This one just avalanched after it began - with ever increasing volume. Note that it hasn't produced a BOB yet - that doesn't mean that it can't go up but that new cathedral that they just built will have to be dealt with first.
Candlestick chart pattern reading can be extremely rewarding both to your psyche and your trading account. I recommend starting at this site and moving on from there. You can "name your own" like I do but you really need to know the tradition before you start branching out on your own.