MCP Update

As posted yesterday in MCP Blazing, Up 182% in 7 Days, except MCP is now up 232% in 8 days, it feels like it needs a breather, a consolidation of those gains.

The charts haven't moved much since yesterday's update above, but I did say in yesterday's update that I don't think a 1- day reversal or a "V" shaped reversal event is likely, it would be more likely we'd see some kind of reversal candle like a Star, Doji Star, something along those lines.

Right now MCP doesn't look like that, but I did capture an earlier shot that would be more along the lines of what to look for on a closing basis...

 This would be something more probable to see near a close. If there's high volume, even higher than yesterday's, it becomes and even more likely correction.

There are still signs that profit taking is occurring, although I wouldn't say heavy distribution, more along the lines of the kind of action that would lead to a consolidation thus far.

As for the bigger picture, like this 60 min chart with a rounding bottom and head fake move (the Igloo with chimney, just inverted), it looks like MCP has more strength ahead of it so while I think a consolidation is important and likely (look at that parabolic move up), all in all, I'd expect MCP to eventually add even more to those gains.