A P&F Sell signal occurs when a column of O's falls below the bottom of the previous column of O's. Point and Figure charts plot rising prices as columns of X's and falling prices as columns of O's, ignore time, and add a new column only on a reversal of several boxes, which filters out minor moves. This basic Point and Figure signal shows that supply has overcome demand at the prior low, and it is the building block of more complex bearish patterns.
