DislikedIt is indeed a hammer and if you want something even more interesting, have a look at the weekly DOW chart, we have a nice hammer there too. I expect a huge fall.. 1000+ pipsIgnored
how i see it:
A hammer is a very important indicator of reversal trend and it is named such because the market is attempting to hammer out a market bottom. It is a very good indicator of a bullish trend on the way, whether the body is green or red.
How to recognise a Hammer: The hammer appears during a downtrend only. The body of the hammer has a long shadow on the underside - at least 2-3 times the length of the body and little if any shadow on the upside. The colour of the body does not matter.
i expect new highs at least the 63.8 fibs before any major drop this week
THE TREND IS UR FRIEND