As I've probably mentioned in a previous post, the engulfing pattern is one of the most powerful candlestick patterns.What we have here is a massive bullish engulfing pattern on XLF, the financial ETF. It happened on extremely high volume and we're still comfortably above the low (16.77) established in July so this could be what I would call a tradable bottom for now. Show we break last week's intermediate high just below 24 and the 200-day moving average (now at 24.83), we could start calling it something else.
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