Long $VIPS Day 22 Analysis

Today was a good call from yesterday’s game plan. The call was right, it was an awful day of continued weakness. It fell out the channel and has now made a series of lower highs and lower lows. The only reason I’m still here is because the volume declined a good bit.

micro analysis

Here is today on the 15 minute chart. Pretty much all down all day. Out of 26 candles, only nine were green. Yesterday was ugly. The only thing worse than that was today.

It did a retest of the lower channel earlier in the day, but gave up after that. The only real positive thing I see is a lot of lower wicks on several of the candles. The last candle looks like there might have been some good absorption of selling. If so that is positive.

micro analysis

Here is today in the context of the last ten days. I showed the last ten days to show the new channel in the dashed line. It’s not a good one. Today was just a terrible wide spread red candle. The only positive thing, which kept me in the trade, is the low volume.

global analysis

Here is the weekly. With one day left this week, it’s sitting at the bottom of the new channel. The nasty shooting star noted on the weekly from yesterday got nastier today. As in the macro analysis, the only real positive is that the volume stayed low.

tomorrow’s game plan

We are sitting on the bottom channel line of this new down trend. Tomorrow may see a little bounce off that support line. However, if it falls through the channel it may make a move to $11.00.

The only way to save the weekly would be a close around $11.80 to end the week in a doji. I think that’s a lot to ask.






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