xjo weekend zoomba lounge, page-139

Martis,

Nice upside down chart - but given the level of activity in that area and the result of that activity I would NOT be comfortable buying it there. I don't disagree with the levels you've mapped out - very nice. But I would be more interested in buying it from the trendline connecting the recent lows. At the moment it looks like they are not interested in taking it higher. If last week was all buying how could it close on the low? Perhaps they are catching supply from stale holders to the left - quite possible - but I would imagine that if they were buying alongside the herd (and the herd are buying on your upside down chart- no doubt about it) they should have been able to bust through any opposition like a knife through butter.
I WOULD feel comfortable shorting (ST) any really light volume attempt to rise back into the body of the candle that failed - I would consider that the percentage ST play AT THE MOMEMT until it can break the high. If it breaks past that candle then the opposite is true - buy any light volume retrace into the body of that same candle.
Not saying you are wrong - but the bear view is the majority herd view I feel at the moment (if we ignore the idiots on TV) - and that should be enough for one to exercise some caution before going in guns blazing.