Jsurman, your analysis is accurate and I can see you have a good understanding of the principals so I know I don't need to spend time mocking up a few different timeframes...
All the above said is true, and weakness is appearing at the highs... All of them.
But as a chartist you must also await confirmation of the weakness.
We have encountered supply all the way up and if you look back I think there was even some buying climax stuff going on around 7c...
So far all this weakness has been absorbed and new highs have eventuated, and now we find ourselves at the zone of the highest potential supply so far.
So we must acknowledge the weakness, but we only respect it when it is confirmed.
We are cutting our own legs off if we try to pre-empt a fall in such a strong trend with so many signs of absorption in the background.
Myself and a few others have begun to work on a theory about these weak looking bars that poke their heads up above resistance to have a look around.
There have been lots of these bars on the AVB chart lately and the market in general.
Anyway, the theory kinda goes along the lines of an upward test, as in they spike the price up into resistance before withdrawing interest, just to try to gauge how much dry powder they need to bring with them the next time they push north.
You ask if my sentiment remains the same, and the answer is yes...
While I acknowledge the weaker bars I do not respect them until they are confirmed, especially in such a strong intact trend.
I am a reactive trader, I act on what I see on as much information that I can get, ie multiple timeframes etc.
So at this stage I am happy to give them every opportunity to absorb and mark up through those ugly bars as they have done many times on this rally.
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