yesterday was comparatively low, and descending, blue arrows, shows lack of commitment to the down turn. However. The shorts did not take profits at yesterday's close, showing their commitment to this downturn at least through this morning's action. Since the entire world news is bad, and markets have joined the descent, something big and good needs to change the momentum. Lots of bulls just standing on the sidelines, sitting on their hands, waiting for just that. If it does NOT come, they will be caught long, and I see a volume
sell spike soon. But if we get the good news, bulls will also stand pat on their longs, and say they waited this pullback out. Some may be buying this dip. The DANGER is, what if we descend to the lower TL down this descending wedge
, which would inflict major pain to the bulls. And all this while the FED speak simply reinforces a rate hike everytime one of them opens their mouths. I think Yellen gives a gag order, so the markets don't get spooked before Dec
16th announcement. Dec
16th may be the bottom TL touch. Or, in the it could happen department, what if they call a special meeting and raise before that just to get it over with, and stablize the markets.