number of candles will do the opposite. It was a intra day reversal with a HH and LL and therein lies a problem I wasn't able to find bottom that happened with an intraday reversal. That is a negative It was a positive DKOD day for FAS meaning we should have 1 - 5 days of rally ( it used to be 2-7) .The Channel-1 and Channel-2 charts are both SPX daily. I have two different configurations. They are both at or slightly below their channel bottom lines. The channel - 2 chart shows SPX forming nice parallelogram. The timing days are unbelievably symmetrical. 10 days from top to top. 10 days from a top to next bottom. The black arrow is at 1095. I did not buy this rally on Friday at all. It is situation rally pertaining to OPEX. It should die out in a couple days. The low of the day close on Thursday played out well. It is 100% for rally on the day following a low close day. Usually big intraday reversals are followed by inside days. As of now IMO we should get a 2-3 candles to take us to 1095 and start the decline again. May be a little more ferociously
I have also included RUT charts. Daily and weekly. The daily chart displays Gann 4 failure that accelerates the move. We should see faster declines in RUT in coming days. The weekly chart (a must for any Gann person) shows the formation of very even decline channel. It should now move towards the 1x2 line at around 560- 570. All in all I am bearish but I will wait for confirmation before I jump in and short FAS or TNA.