the darkest hour is just before dawn, page-17

Just walked in - the selling continues. Looks a bit like a shakeout to me with those big sell orders stacked well off the price action. It is certainly working if that is the case. Often these situations develop into an exhaustion move but the volume would be heading up and it isn't.  The rusted on holders are not buying the picture being painted.

I updated the chart from yesterday to show the 67 cent low as of 3PM but that could change at the close. The channel is clearer now. No sign of a bounce but I still wouldn't be too surprised if it does, there is quite a bit of action around 67 cents in the past few weeks. It is a bit hard to figure just what is going on with the market, even allowing for the money rotating into the top end.

Sometimes it is simply a matter of gathering momentum as the initial sell down gathers strength from the weaker holders. Looking at market depth it looks very much like the bots are running the show. The 67 cent level is the last significant level of support before the 63 cent low from June 27th comes into play.

Daily 3PM July 21st