|S&P 500 - End of Month - 30 April 2012|
The April 2012, month closed on a cautious note for the Bulls. We have the final candle as above.
As one can see from the candle pattern circled - we have a Bearish Harami (low reliability).
If May 2012 closes below the close of April 2012 (i.e 1398), this Harami mutates into a "Three Inside down".
Keeping above the 1398 mark, the Bulls aim for the Red Channel Top.
For those who missed out... here are the recent links we used to study the above patterns.
Bearish Harami (Low Reliability)
Three Inside Down (High Reliability)