The top two counts presented not necessarily in any particular order.
- Market has topped or nearly so. Would be nice if today’s gap down was filled in first.
2. Today was the low of (ii) of [v] of C of (2) and was merely a mechanical price move to close the huge gap up from last week. Still some more upside retail chasing that needs to occur. However, the down pressure as seen in the red candlesticks at the bottom of the chart was quite high. 15.5:1 downside ratio at the opening bell. Almost a “kickoff” event to even more selling pressure. It’s the most opening down pressure we have seen in a long while. Bearish sign.
