Again, I do not view MCP as a market correlated long for a bounce trade, I think this has formed a large stage 1 base and is capable of moving to a primary bull trend on its own.
Some of the charts posted below are already moving to stronger divergences since I captured them 5 minutes ago which is what I was waiting to see earlier today.
1 min chart
3 min chart...
Since I captured this, here's the most current 3 min chart.
3 min at a new leading high, this is the kind of action I was waiting for today in MCP.
5 min
The longer term 10 min chart is leading as I hoped it would today.
The 15 min chart also moving
The longer term 30 min was already in place and ready to go, it just needed the short term charts
And the 60 min. This looks to me to be part of one large base.
The 2 hour chart shows where/when GS knocked MCP down, I suspect they are one of the bigger buyers.
Note the most recent leading divegrence here as well. It looks like MCP is ready to move off the base lows, I'd hope to see it move to stage 2 mark up around the $8 level, that's when it should really start to trend.
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