Pullback Off Lows Pattern Forecasted Today’s Sell Off
Courtesy of David at All About Trends
When you look at the following charts, it’s really pretty simple. Downtrend channel resistance is resistance.
In downtrending markets, it’s all about shorting stocks that are in clearly defined downtrends.
See those pink line breaks to the downside? They were all you needed to know. They are also commonly referred to as bearish Pullbacks Off Lows (POL) patterns.
We call each of these rally attempts Pullback Off Lows pattern. We draw a pink line connecting the lows of each rally attempt. A break below the pink line represents a new short-sell trade.
As a result, we initiated new short-sell positions today.
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