I posted the same chart a few weeks ago and it seems to be holding up. There are a lot of resting orders around 31100 and under. I hope they don't get filled. It seems that derivs are not leading the market so I'd would imagine that the cascading liqs won't be as prevalent.
This is a stripped down chart devoid of meaningful levels that I typically use. I wanted to rid myself over the overcomplication that is far too frequent in my charting. What I am looking at is a chart with a clear accumulation/distribution phase. All the way on the right is a clear positive divergence of price and strength. It is my thesis that price is bottoming...
The yellow box is a possible entry point at the .5-.618 fib level. I will see where the CMI and Stoch RSI are at that point. Red arrows are my prime indicators.
