<Distribution> A more pointed answer to your question...
I reckon when/if big money was buying this....it would resemble a "3", impulsive etc....
Smart money has made money off of this from the bottom '(forcing shorts to cover)- but not necessarily big money...smart money sees all those gaps on the chart and worries...smart money would almost prefer a pullback to fill those...
This low volume, small bearish divergences while no price gain week.....intuitively, that tells me its the guys who made 20-30% in 2 weeks saying, "lets keep this up, distribute, and reup after a retrace"...same old, same old..
As a result, i could see it grind higher (more distribution to bagholders), but an explosion up from here (given stochastics, charts) seems unlikely, and is a modest bear bet I'm willing to make here. As you know, I am often a little bit early, but I can't use that as my moniker (already taken)
The points you mention, plus the election (a little) do bother me...but I find the above-listed points stronger..
Man, I am long-winded or what g,ng |
