The 15 min chart is starting to show selling absorption at the lower levels. This could be accumulation for the next run up, or it could be a temporary play for the whales to try to lift prices up higher one more time before dumping it, signalling the beginning of the correction. Either way, a long at this point is relatively low risk since if we are in the second scenario the institutional players will probably try to lift prices as high as they can before cashing out on the last of their inventory.
Comment:
Market is now in a definite downtrend, wide bars on increasing volume. We are in the second scenario outlined above. It seems that the rally was mainly short covering.
