Sometimes, breaking down a chart into smaller time frames provides clues to the daily direction. When patterns - no matter how small - fail to complete, it is often a sign we are in for a reversal.
Admittedly, I missed this today until after-the-fact.
First off, we had a nasty pre-market dump, found a bottom and reversed, as we so often do. The first bullish pattern of the day exceeded its target (green box).
The second pattern (red box), however, fell slightly short of its intended target (it actually took two cracks at the "D"), and this set the table for the bears.
Click on chart to expand
