Hello traders. The February candle has closed, and it is long with a long bearish body. The candle is entirely within the parameters of the bullish January candle, meaning it couldn't rewrite either the high or the low. In fact, this is a bearish engulfing candle, as the body of the February candle covered more than half of the bullish body of the January candle. The fact that the February candle couldn't rewrite the high of the January candle signals a Stop Movement Up on the MN timeframe. The fact that in February they couldn't rewrite the low of January indicates bearish weakness and requires further confirmation, i.e., the next closed candle of the month. The Stop Movement Up on the MN timeframe is present, a reversal candlestick pattern, bearish engulfing, is present, further confirmation of the reversal process is needed, i.e., a candle with a bearish body and a close below the previous candle's close. Whether such a candle will be the March candle remains to be seen. Patience is needed.
