MCP Alert...

From this morning's MCP Update...

 This would be something more probable to see near a close. If there's high volume, even higher than yesterday's, it becomes and even more likely correction."

Being USO was just posted with similar circumstances and churning, even though I already posted what to look out for, I thought whether you saw it or not, this would be a good opportunity to show you bearish churning in real time....

 This is the intraday 1 min chart of MCP, note the high volume bars and the lack of additional upside gains...

 This is the dailt MCP chart,  this is the kind of bearish reversal candle I was talking about earlier, a "Shooting Star" or what the Japanese candlestick chart practitioners call, "Trouble overhead".

Note the increase in volume on the daily chart, while it has not surpassed yesterday's closing volume, it is very high for this time of day and stands a good chance of doing so, that would be an exceptionally strong reversal signal, there's no target on such a reversal signal, just a change in the near term trend.

 MCP's intraday 1 min chart has seen a worsening leading negative divergence as has the 3 min chart below.

MCP 3 min.

I think we are pretty much at our correction/pullback area for MCP, after 200+% gains in less than 2 trading weeks, it shouldn't be surprising.