Market is somewhat psychotic at the moment - I wasn't expecting...

Market is somewhat psychotic at the moment - I wasn't expecting miracles from the AGM and from what I can see it is pretty much already announced information with a couple of minor updates so I would have expected a non-event reaction, maybe a little movement either way. I had hoped for something a bit more upbeat but wasn't surprised at what we got.  

Obviously others expected miracles and kicked off a sell fest which triggered cascade selling etc. We finished with what looks like a capitulation or exhaustion move on high volume. Many holders gave up and flogged their lot but at the same time buyers moved in and there was solid high volume parcel buying. Whenever I see that sort of pattern I also think short covering. Not the short squeeze variety in this case but opportunistic covering at what looked like great prices for short interest holders. I don't know if that actually is the case but it will be interesting to see the short interest in 4 days time to see if it dipped.

Trying to nail an exhaustion/capitulation move reversal can only be done in hindsight so the next couple of days will be interesting to see if buying picks up and we do get a bullish reversal. We do have the prerequisites, unusually large volume, a big downward move and a longish lower tailed  candlestick reflective of a bounce from an intraday low.

I have attached a daily  chart to illustrate this......