Rejected the .382 all last week on the latest correction from our elevator trip down. spent all this week bouncing between the respective .236's of our trip down *and* the correction, which by the way is also the .382 of our current trend down. Consolidation & set up before a big move up or down? Seems to be the preferred theory. Will we have our answer in today's upcoming power hour? If not the weekend is a long time for the pot to boil, will the pressure cause the top to go flying into the roof? or is it made of glass and the bottom will fall out?
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increased volume towards the end of the day Friday, April 3rd (shorts covering & positions closing before the unknowns of the weekend?) saw a break of the channel we were in all day, but not a terribly convincing one, every reaction had an almost equal and opposite reaction, and the consolidation more or less continued, providing us with no answer to the next move- just more tension building and uncertainty- probably for institutional and retail investors alike, as we all wait with bated breath
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met the .382 april 6th with some contention, then gapped up past it april 7th headed for the .5, which it hit april 9th, rejected slightly, then gapped up past april 14th. Looking for the .618 around $292 now, a pretty clear rising wedge being created as it tightens as we climb. My thoughts? Tap that .618 by friday for a weekend reversal? Earnings this week putting a damper on the climb, everyone expected them to be bleak, but still hard to climb with such poor earnings preformances.
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I Had previously thought that the quadruple test and rejection of the .382 resistance at $264.41 was a sign that we'd head back down, especially after the upwards retrace got caught under its own .236, but it gapped out and broke upwards over the .382 and into the 50% retrace line of the down move, around which it has now been dancing. The volume profile point of control for the period of the down move has moved up to meet us at around $2760, meaning this price level has had more volume than any other since the collapse, despite drastically decreasing volume overall. we have now three times backtested our old rising wedge and rejected it, as well as confirming the trend line down since meeting the high of April 17th. Lots of consolidation, trading the whole week in a range between our $2873 high and the .236 of our up move.
lots of consolidation again... ready for another breakout?
lots of consolidation again... ready for another breakout?
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the 4hr chart, for consistency's sake against the original post
the 4hr chart, for consistency's sake against the original post