Earlier today I said that this bear flag-type pattern looks like a typical Wall St. set up as there was minor accumulation to get it started, I don't think they counted on the Bullard comments which distorted the flag pattern, but I do think they had a top end in mind and I think that's what we are seeing in to the close which is reforming the flag...
Bullard's comments out of nowhere distorted the flag, but it looks to be back on track as they'd want technical traders to see it.
However, there continues to be negative ' in to higher prices, something we didn't see at all the first two days because you simply can't sell in to higher prices if they aren't yet higher which was the case the first two days.
Overall although EOD action looks bullish, I have little doubt that this is a distribution pattern and they are moving out , there's no confirmation at all and the sell-offs have been at TICK extremes.
I'm not sure what the head fake move would be if any early next week and I have a lot of other indications to look at, but I don't suspect this ends well... misdirection.
I'll add to this as I get to go through some of the breadth, Leading indicators and other charts.
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