. although PRZ seemed to hold, the pattern has been invalidated by: 1. strong volume candles to the PRZ 2. strong projection and momentum by the bulls. my price action experience told me that perhaps price is not done moving higher and the other areas of confluence are probably going to be tested. was i wrong? may be or maybe not. why may be not ? after current retracement to a low of 17.7,the price might still rally. but there was an expectation of price action to show exhaustion which was good and achieved. why may be? and lesson learnt. 1. presence of a pattern doesnt result to overall reversal. 2. it is important to be aware of the context in which the pattern appears in terms of order flow. 3.As traders it's important not to follow price around, we want price to come into our zones. This is our confirmation that we might be in tune with price action and our analysis is correct. WHY TO HOLD OR BUY SCOM my thought on the chart criticism and opinions are highly welcomed learning continues. baby steps... STATEMENT DISCLAIMER This analysis is designed to inform you on the counter direction. It is not a recommendation to buy or sell but rather a guideline to interpret the market. The information presented should only be used by investors who are aware of the risk inherent in trading. I shall have no liability for any investment decision based on the use of this analysis

trying bar by bar analysis. already loving this, the green line doing its work. what does this means to me? 1. bulls are sitting around this line no wonder bears attempt to push lower were strongly rejected. 2. might be getting in a range like/complex impulse wave due to recent rejection from both side of the market. but path of least resistance is up. look at the volume involved with each rejection. 3. might have a extended wave 5 with low of 10.6 today making wave 2 (in red) or 4. might have a termination diagonal. if this will be the case, then i will need to be careful with keno because that will indicate a strong quick thrust downward will follow back to 10.6 NOTE: we still have an alternative wave count in maroon(ABC)

@spikes, your opinion is legitimate and can be a possibility. ie ABC to complete corrective wave 4. in the mean time bar by bar analysis continues... 9th August 2016. spinning top formed. This confirms prior analysis made for the last two trading days.This demonstrates some indecision on the part of the bulls and the bears and would warrant watching for the next day’s price action.

hope this helps.

correction. on 9th august, a black closing Marubozu formed. that indicated that sellers controlled the price action from the first trade to the last trade although on a small volume. The day opened and prices went slightly higher, forming an upper shadow. Then prices reversed direction moving below the opening level, and the decline continues all day ending with a closing price equal to the low of the day. The bears were very strong during that day except during the initial phase of the session. on 10th august, a hammer formed. The price opened and started to trade lower. The bears were still in control. The bulls then stepped in. They started to bring the price back up towards the top of the trading range on high volume. This created a small body with a large lower shadow. This represents that the bears could not maintain control. The long lower shadow now has the bears questioning whether the decline is still intact. A higher open on 11th August would confirm that the bulls have taken control.