Usually I don't keep re-examining a chart but here we have the 15K+ drop in volume I was talking about in my last chart. I drew a new support line at 5500. It's no where as strong as the previous 6150, which is now resistance.
So at this point we will probably bounce around our new reality range of 5500 - 6200. I think there will be one more drop I doubt the selling is done yet. It could be today or tomorrow. Again look at the 5500 range.
The problem I have is that support at 5500 is fairly weak and this forces me to think that 5000 is in the offing in the not so distant future. Five thousand is a going to crack some die hards. At that point there will be major selling.
Sorry for the doom and gloom...i'm just trying to keep it as real as I can.
So at this point we will probably bounce around our new reality range of 5500 - 6200. I think there will be one more drop I doubt the selling is done yet. It could be today or tomorrow. Again look at the 5500 range.
The problem I have is that support at 5500 is fairly weak and this forces me to think that 5000 is in the offing in the not so distant future. Five thousand is a going to crack some die hards. At that point there will be major selling.
Sorry for the doom and gloom...i'm just trying to keep it as real as I can.