"The Bears are Watching Very Closely - There is Greed in their Eyes"
2D, 5m. - Mar. 16 - There was a Gap at the Open with strong internals that lasted until 1 PM (CDT). At that point a double top formation was followed by a break in the trend line and the market declined for the entire afternoon. The "Windsock" channel proved effective in maintaining a focus on the general trend. Of significance was the break through support at 76.50 (prior swing low). There was no support at that level and the market ended near the Pivot.
5D, 30m. - Mar. 16 - "Potato Peelings" primary theme is the rise and fall of Swing Potatoes. In this chart the ongoing Bull Potato is seriously threatened. All moving averages have been violated. The move is not yet confirmed on the Hourly Chart.
10D, Hourly - Mar. 16 - The 10 and 20 Day Moving Averages have been penetrated. The 30 Day is still intact so the existing Bull Potato is still viable at the close. Tomorrow's action will determine its fate.
3M, Daily - Mar. 16 - The Trend Reversal is in its 5th. Day. It almost reached the 10 Day MA on the Daily Chart but not quite. At this time the reversal in trend is threatened but not dead.
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