Did the Nasdaq Just Give a Bullish Signal (Morning Star)?

[On the Road]

Look at the lowest day in this chart (about a week ago):

http://clearstation.etrade.com/cgi-bin/intra?tic=3-month&cs=&ci=None&Symbol1=_COMPX&i1=None&i2=None&i3=None&i4=None&e1=0&e2=0&e3=0&olay=None&gs=Default>yp=Candle&gr=1&Cmd=Draw+Graphs%21&Refer=http%3A%2F%2Fclearstation.etrade.com%2F

Compare it with this description of a "morning star" reversal signal:

http://www.hotcandlestick.com/index.htm?http://www.hotcandlestick.com/directory/Bullish%20Morning%20Star.htm~hotcontent

I only dabble in candlesticks, but it looks like a classic signal that the market will start rising again.

I'm a bear. It doesn't make any sense to me, but I've lost money in the past by ignoring signals that didn't fit with my preconceptions. Can any one straighten me out on this.

[Spoon]

1. Better First Link

Link

[On the Road]

2. Yes, That Shows it Better

although candlestick patterns are usually described according to the white/black bar convention.

Most people don't use candlesticks -- I certainly don't on a routine basis -- but they've always appealed to me as a different signaling method that sometimes really nails a reversal. That low day hanging there all by itself (Friday May 14) is one of the few patterns that jumps right out. It's unusual and tends to be significant.

The signals are usually qualified by saying that a reversal sign like a morning star "has to be confirmed" by other corroborating signals. The market did indeed rise last week, but I don't know if that qualifies as a confirmation.