Call Me Crazy
I think some positive things are being overlooked here.
1) We have already retraced from the last substantial low and the last few weeks were the worst of it (IMO).
2) The gap has been filled.
3) We are still in the same upward channel.
4) We are hugging the 20 day MA and even though we are below it we closed with positive volume. When in doubt look left...isn't this the pattern of the channel rise high...drop below 20 day (same pyramid over and over) then repeat.
5) The RSI is almost in the neutral range...a pattern that has continued since this channel started. It rises to above 70, then starts dropping until about neutral, then rises again, then repeats what....that's right-the same pattern.
Many are now drawing a downward trend line, but they are drawing it within the upward channel. And we are hearing the same fud we hear after every high during the retracement. In any case I think we are at a crossroad here and it "could" go either way... but call me crazy; I'm not as convinced it's going down to the $7.00 range as many others are, and I won't be as long as we stay in this channel.
1) We have already retraced from the last substantial low and the last few weeks were the worst of it (IMO).
2) The gap has been filled.
3) We are still in the same upward channel.
4) We are hugging the 20 day MA and even though we are below it we closed with positive volume. When in doubt look left...isn't this the pattern of the channel rise high...drop below 20 day (same pyramid over and over) then repeat.
5) The RSI is almost in the neutral range...a pattern that has continued since this channel started. It rises to above 70, then starts dropping until about neutral, then rises again, then repeats what....that's right-the same pattern.
Many are now drawing a downward trend line, but they are drawing it within the upward channel. And we are hearing the same fud we hear after every high during the retracement. In any case I think we are at a crossroad here and it "could" go either way... but call me crazy; I'm not as convinced it's going down to the $7.00 range as many others are, and I won't be as long as we stay in this channel.
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