Here's the problem I have with a break down here...
Since we made the volume low on 7/8 we tried to test that low on lighter volume twice...
We ended up with HIGHER LOWS. (same applies to Nasdaq)
That doesn't look to me like it wants to test that low...
Simple eh?
I noted that we had no problems breaking high volume candle highs on lighter volume... and were able to make a series of higher highs.
So no question about it, if we did fail here, it will show up in the volume patterns. Then we'd be back to trying to break that 7/8 low.
I'm completely open minded, if they can prove they can take it lower, step right up.
To me this has very little to do with chart shapes...
This is a leg by leg struggle, minute by minute, hour by hour, day by day. I just measure the strength of the moves and compare them to know who is winning.
Edited by SemiBizz, 14 July 2009 - 11:27 AM.