Brian Earl Spilner said:
So what in the world happened?
1. trend line as stated earlier.
2. failed double top from yesterday high at 96% fib - I am noticing and watching this percentage more frequently on failed double tops. It is a good level to short from (minimal loss of capital if it fails) because you can run a tight stop with the high above it
3. mean reversion, needed consolidation rest
4. daily rsi oversold for last 5 days
I expect the bulls to make another attempt Thursday or Friday, but who knows who will win. Today has been strong down trend day (30 min 5ema never lost) and I think it would be risky to go against the trend today.