Characteristics observed are smaller bars, decreasing volume, and price finding resistance at this low volume range.
Price is approaching the center trend line of the blue downward fork
originated 5/2/2011, and odds favor a turn after 5 positive days.
The 14 bar Percent Change has steadily dropped off and is close to zero
while price continues to exceed the 0.8 sigma of a 10 bar hlc3 standard
deviation for both daily and hourly charts. The Keltner channel has
crossed the Bollinger Bands on both the daily and the hourly charts
leading me to believe the market is ready for a very sharp downward
correction..
There is support in the 1170 to 1177 area, and then in the 1111 to 1127 range.
No comments:
Post a Comment