chart time!

Hi folks

Well, well, bit of a small shakeout today, some negative movement in the sp was always going to be on the cards after yesterdays very weak bar. Now we just have to see if it's been shaken low enough. Depends which trading channel on the chart you decide to pick I guess. The way it's looking it's either going to consolidate here for a while and test below the 6.9 - 7c support level or completely drop on a larger volume shakeout and fill that gap (you know the one that had no chance of being filled? LOL)

Personally, I'm not sure there was enough volume in today's move to 'stop" the slide and we may go lower. Gaps just always nag at me and nearly always get filled unless they are a genuine breakaway gap like the large one back in July. I still think and standby my statement that the gap on 11th of October was the smart money getting this thing moving in order to take it up to the 8.5 c mark and sell it off to the unsuspecting. That's why I warned so fervently about buying on those huge volume upbar days, they always come back to get you! Oh well lesson learn't for some, I guess.

Still sitting and waiting patiently for my narrow spread low volume day btw, still no buy for me.

Cheers!