Pin bars at the top of trends are very powerful indicators or a reversal. Why? Because the large upper wick shows that the sellers are more powerful than the buyers and have managed to keep the candle below its open price, creating a pin bar.
The reason this could be so powerful is because it’s rejected off of all time highs. Not only that but this could confirm the double top pattern that I called out a few days ago.
If we do see this weekly candle close as a pin bar it could be a very bumpy ride downwards.
The reason this could be so powerful is because it’s rejected off of all time highs. Not only that but this could confirm the double top pattern that I called out a few days ago.
If we do see this weekly candle close as a pin bar it could be a very bumpy ride downwards.
