So You Understand- SMH Charts

This is a 1-min 3C chart for intraday moves. The first white arrow shows at the end of it, price making a new low just before 11 a.m. The blue 3C indicator is significant;y higher then it was around 10:15 indicating accumulation and from there prices reverse to the upside. The red arrow starts where distribution of the accumulated (probably market maker/specialist trading their own account) shares begins. You can see a new high in price around 12:15 or so, yet 3C is significantly lower then it's 11:30 position, this indicates distribution and marks a turning point. The current white arrow looks like early accumulation.

This is a more significant 5 min chart which can call changes in the day to day trend. You can see accumulation at the white arrow at the price lows. Then 3 subsequent negative divergences, price is higher in all 3 then the 11 a.m. area, but 3C is lower. The horizontal line at the bottom is the area where I'd like to see 3C cross below, this would be the start of a leading negative divergence as all the others were less powerful relative divergences (relative between 2 points on the chart). A leading divergence tends to pull price down with it. This is what I was talking about in the last post.