Prices almost formed a classic DOJI pattern in during the week– that is a pattern from the Candlestick analysis and I have talked about it occasionally here. The pattern is based upon the Japanese technical analysis that discusses the traders open at a price and then extend either higher or lower during the week only to give up the gains or declines by the end of the week to finish where the market started the week. The analysis is based upon the a military exercise where the gains in the beginning of an offensive are achieved but by the end of the period– all gains are given back.
Last week almost formed a good DOJI pattern but the price action did not go back up and close at the price level where prices opened the week. While close — it cannot qualify as a true DOJI week — so what does it mean one way or another — more importantly — what does it mean for the upcoming period?