Hello there, there is a hope for longs after all; this is a one day pattern it needs a confirmation of a nice gap tomorrow. The good news is the volume is really heavy.
Which boosts the probability of a bottom? Here is a good explanation courtesy to
Bullish Inverted Hammer Pattern is a candlestick characterized by a long upper shadow and a small real body preceded by a long black real body. It is similar in shape to the Bearish Shooting Star. The shooting star appears in a downtrend and thus it becomes a potentially bullish inverted hammer.
1. Market is currently characterized by downtrend.
2. The first day of the pattern is a black candlestick formed at the lower end of the trading range.
3. The second day of the pattern is a small real body and is formed at the lower end of the trading range.
4. The color of the second real body is not important, however the color of the body is black in the first day.
5. No gap down is required, as long as the pattern is seen after a downtrend.
6. Upper shadow of the second small body should be at least twice as long as the real body.
7. The second body does not have lower shadow or it has only a very little lower shadow.
Bullish Inverted Hammer Pattern occurs in a bearish background. In a day of inverted hammer, market opens at or near its low. Then prices change direction and we see a rally. However the bulls cannot succeed to sustain the rally during the rest of the day and prices finally close either at or near the low of the day. It may not be clear why this type of price action is interpreted as a potential reversal signal. The answer has to do with what happens over the next day. If the next day opens above the real body of the inverted hammer, it means that those who shorted at the opening or closing of the inverted hammer day are losing money. The longer the market holds above the inverted hammer’s real body, the more likely these shorts will attempt to cover their positions. This may ignite a rally as a result of covered short positions, which may then inspire the bottom pickers to take long positions.
Bullish verification on the day following the inverted hammer is required. This verification can be in the form of the next day opening above the inverted hammer’s real body. The larger the gap the stronger the confirmation will be. A white candlestick with higher prices can also be another form of confirmation.
You're missing what I asked. And, forget about those additional 80 or so million shares. Those are like a secondary. From time to time they will be sold/lent to UBS and MS.
I'm speaking of the convertible debentures. That's what I don't like. It also allows the shorts who chose not to cover to cover. Buying the bonds gave them automatic conversion tights at $1.87. There'll be NO covering. or virtually none. The notes and the $1.50 issue yesterday took care of them. On our backs.
That was a nightmare. So again, I ask for some opinions.No one has addressed them.
Put some concrete numbers on these candlesticks!!!! From your chart interpretations, considering that the extremely high computer-generated trading volume continues, creating pronounced ridges and valleys, where do you envision the highest top to be on or before August 13th, after a bottom was established @ $1.50?
Long, but hat eto say you're wrong. Not only that, the inverted hammer was caused by the massive dilution in the secondary priced at $1.50.
Also, we are in deep due to the $1,000 notes convertible at $1.87 (533.33 shares per $1,000) We have a huge shelf over us. So shorts do NOT have to cover. It's not good short term. 2-3 years out , we have a shot. So, we wait.
wow...this is a whole different world for me...how interesting...was just checking all the different patterns and its incredile...but like you said first I have to start with one...you are absolutely right!