We've hit daily support at the breakout zone in a very oversold market. If we see more bear action, it most likely won't be until later. I've outlined important daily support and resistance levels on the chart, and the next stop appears to be a retest of $252 where the market broke to the downside with huge red candles on very little volume compared to the recent bull run.
Also of note is the lunar action. During the last full moon, we saw the market hit support at $255 and try to rally but fail. During the most recent new moon, the price was just breaking out to the upside, which is significant since the new moon is normally a bearish signal. We eventually got our retrace on low volume and now look to make another move to at least retest the breakdown level. When we get there, we should be at a full moon, so you can look for that as a timing indicator for a future move.
Also of note is that we are no longer in uncharted territory as we finally have some daily points of support and resistance to look at from the recent past.
Update Feb. 3, 2015: Price failed at $245 resistance, which was outlined on other ideas, but not on this one. Expecting selling to resume.
MoonTrader
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UPDATE Jan. 30, 2015:
Price is moving as forecast, now breaking out on smaller time scale. Next stop is $250-$260.
rivet.popper
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Thanks for your work.
Ramon
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> During the most recent new moon, the price was just breaking out to the upside, which is significant since the new moon is normally a bearish signal.
I think you have a problem with your cause and effect system; the notion that the moon affects prices is just baseless. Why on Earth would you think the phase of the moon in any way relates to prices in a market?
MoonTrader
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You don't have to listen to my ideas. I'm not going to try to convince you. It's just my system.
Ramon
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Obviously, that's not the point; it's clearly superstition, and I'm genuinely curious how you can possibly actually think this?
MoonTrader
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But you're not open to the idea that it might actually work, so I'm not going to try to convince you.
Ramon
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Truth doesn't require being open, if something is real then the causal mechanism can be explained. That you won't even attempt to try says all I need to know about you.
MoonTrader
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Sorry, I'm just not looking for an argument. You've already said all I need to know about you by basically saying you wouldn't believe me no matter what I say.
MoonTrader
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If you won't believe me no matter what I say, then what's the point in telling you?