running out of steam, page-2

Williak39...

Unusual situatuation here leading to a one-off opportunity in my opinion.

We have a normal retrace day following a major volume lead spike...normally such a retrace should run for about two days, but it appears to have been accelerated somewhat today?

Perhaps the reason is due to the pre-long weekend sell-off phenomenon...many traders hate holding volatile stocks over the weekend, even less a long weekend.

Combine the two, add in a flat day on the ASX and finally an apparent "dark cloud cover" forming on the charts and we end up with a little more selling pressure than one would normally expect to see.

The result is an overshoot today...which I expect to correct itself next session.

Cheers!