Shooting Star Pattern wins a star this time.

The Shooting Star candlestick pattern worked out this time and the market is being caught at the 20 day simple moving average.  Is this the bottom or is it possible the that there may be some more downside?

To look at a pattern that "may" be forming,  let's take a look at the chart down below.  We can make out that a Head and Shoulders could be sketched out in the following week or two.  That of course would have to mean that the general market is going to go sideways and then go down even further.  I doubt that this is going to happen right after the Fed just started QE3.    (imagine a 3 year old after he/she downs a party size bag of M&Ms )

   So unless we have some big Macro News like a shooting war starting up in the Persian Gulf, this market is going higher.  

Let's look at the more likely scenario in a future post