From my point of view, it looks like we might see more bear action start to come in. We are starting to come out bearish with low volume, but a sizable bear price candle for the action as of late. We're getting held up at resistance at $8,750 and now are probably seeing the bulls give up.
If we break the low of support at $8,275 and $7,310, we will be sure to head lower and test the bounce support floor in the $5,900 range.
I am still expecting overall volume in general to taper off, so potentially we might see some consolidation if bulls can put up enough support to maintain the current levels.
All things considered, this last move was never strong enough to provide a trend reversal. Today was my prediction that we'd hit $9,500 and I predicted this bounce to last a week. It's looking like the run might be over and bears might regain solid control once again.
Thoughts?
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