Pull Back Fishing ABC Bullish Inverse Head and Shoulders
IRDM has pulled back quite a bit after forming what appears to be a double top.
Deep pull backs do not look good on the cloud as a rule. The cloud also changes like indicators, moving averages and patterns. Everything changes.
Right now the cloud looks bearish. The Tenka is under the Kijun. The chikous span is level with price. It would be bullish if the Chikou was above price. There is a bearish cross in the projection field ahead as and Span A is below Span B. The cloud is not pointing down.
The cloud is not my favorite tool for pull back or bottom fishing, but I think it is great for a quick snapshot. A security usually does not look bullish when it is down this far.
Not a recommendation
Possible stop under C
Deep pull backs do not look good on the cloud as a rule. The cloud also changes like indicators, moving averages and patterns. Everything changes.
Right now the cloud looks bearish. The Tenka is under the Kijun. The chikous span is level with price. It would be bullish if the Chikou was above price. There is a bearish cross in the projection field ahead as and Span A is below Span B. The cloud is not pointing down.
The cloud is not my favorite tool for pull back or bottom fishing, but I think it is great for a quick snapshot. A security usually does not look bullish when it is down this far.
Not a recommendation
Possible stop under C
Comment:
The cloud can give you a clearer picture using the weekly timeframe for securities that have pulled back quite a bit