I'm glad to see MCP doing better, Tuesday was about as close as I've ben to stopping out there. I was looking for 1 or 2 things Tuesday, higher volume than the preceding day which came in almost 2x as high and a Hammer or some other bullish candlestick, it turns out we had to wait until yesterday for a bullish Harami to form or what's otherwise known as an inside day. Today thus far MCP hasn't done anything wrong or worrisome.
Tuesday volume nearly doubled the preceding day which is usually a short term sign of a move exhausting itself and opening up to a reversal . Remember , other than whatever has been holding together the long term MCP charts, this one is part of our Most Shorted Index and the squeeze here would be nearly epic.
As for the Harami bullish candlestick reversal pattern of Tuesday/Wednesday, confirmation would be a close above $1.63.
Today saying inside Tuesday's real body does no harm whatsoever to the candlestick set-up.
Short term timing charts are improving significantly, even the 1 I showed yesterday on a 10 min chart...
The signals was young yesterday, but has continued to lead positive today in near straight line divegrence.
And the 30 min chart's larger divegrence is still in place, again reminiscent (as shown yesterday) of Home builders during the 2000 Tech bubble pop, as they were under accumulation that looked very similar to MCP.
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