The daily chart is showing weakness. I made these observations yesterday, but the large MACD support line is breaking down. The RSI is flirting with 50 again and the lower support channel it has enjoyed all through the P2 rally. And it is flirting with the lower side of the EMA 20. Money Flow is uninspiring and trending weakly.
The is nothing that screams "trend change" yet, but there is a lot of bearish portents. And when some of the bullish counts are negated, one must seriously consider the bearish picture. I am not giving advice and every trader manages risk and timing in their own way. However I am highly short right now and very comfortable with my decision.
Well, I am still comfortable with my short positions and the chart is more-and-more saying "trend change"
Price action so far is channeling very nicely down. If my count is correct, Monday should be a very nice down day as well to finish out Minuette 3.
