The last MCP update on 9/26 I said that I couldn't rule out MCP building a larger base, but I am inclined to think it has at least a decent swing move in it. You can click the link and look back at the charts, but the main charts other than the macro environment and break below support that looked like a head fake move as MCP moved above and MCP is just about at that support level today on a move down of -5%, where the 3C 3 and 5 min which were positive and 30 min which had recently been negative, moving MCP down and was yet to turn upward.
Looking at the same charts and how they have progressed since... Really there's been no technical damage and in fact some improvement.
From left to right on a daily chart: Likely capitulation, support formed and broken on heavy volume , resistance broken on a breakout move with heavy volume and new support at the hammer at September, support holds a test and remains above thus far.
The 3 min chart since the 26th which was positive, intraday support has held and the divergence is even more positive in a leading position.
5 min chart with a small positive on the 26th, since then it has been in leading positive position and put in an even larger relative positive that started with the positive from the 26th.
The 30 min chart as of the 26th was still pointing down (see red arrow around the 26th), now it has moved up and is in a decent size positive divergence. This is where the most improvement is seen.
The longer 30 min since the capitulation event with large accumulation on the break of capitulation support as supply was abundant at cheap prices, the negative divergence that we had seen still facing down on the 26th and another positive divergence developed thus far. The next thing that would be good to see is 3C turn up in to a leading positive divergence.
All in all, I still like MCP, a base isn't an event, it's a process and the stronger the base, the more upside it can support.
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