At last update we had triangles in all the major averages and the Bollinger Bands pinching, indicating a directional move was likely. In my theory I was looking for a re-test of the lows, we'll have to wait and see if the market drops that far, and then next week a short squeeze.
Here are what some important charts look like as the market fell out of the triangle (which could be a head fake move, but I doubt it this late on a Friday.)
Yesterday much of the action in 3C that was positive was in the 1-5 min timeframe and I said, it has to start somewhere and if it keeps up, it will migrate to the longer charts, now it is on the 5-10 min charts, which s what I would expect to see if my theory plays out about options expiration.
I'm going to be around for about 30 more minutes, but I do have a family emergency that requires my presence at about 3:30. I wouldn't leave before the market closed unless t was a matter of life and death and it is. Thank you for your understanding.
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