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In the world of candlestick charting, “Doji Star” patterns can often reflect important turning points in prices. If you are unfamiliar with this pattern (see more info here)
The above chart highlights that important weekly doji star patterns took place in 2008 & 2011, prior to declines most would have liked to have avoided if long at the time!
Two weeks ago the S&P 500 on a weekly basis might have created a Doji star pattern at an Fibonacci 161% extension and rising channel resistance line at (1) in the chart above. These patterns can take a while to play out, wanted to give you a heads up to the potential key candlestick pattern.
As the sign in the above chart says…Please Stand By!