I am taking a look at the 1 day chart tonight and things are looking worse and worse if you are long right now. The bulls fought valiantly but the bears are clearly in charge this point. Things are looking like a move is coming pretty quickly. Multiple time frames show tightening Bolinger bands along with the death cross I pointed out on the chart. So we drop? Whats next? Well I threw that on there as well. Between 6500 - 6800 we have some support on the weekly (The 50 MA and the top of the cloud) Im looking for this to be the bottom. There could certainly be some supporting in the 7k region somewhere. Im afraid we will find out very soon. We have been flirting with under 8k all afternoon and things just dont look bullish despite our best efforts. Ive also read articles stating people are selling bags thinking they can buy back after the dip is done. All bearish. The volume today was at $15,923,373,436 which again is pretty average. But the bear flag we have been stuck in for weeks seems like its days are numbered. Path of least resistance is down. But WTFDIK?
