That was a decent decline yesterday, though ideally bears should have controlled the close and they didn’t. The minimum requirement on all the various sell indicators that I was looking at on Friday and yesterday morning were met as the 15min and 60min sell signals made target, the RSI5/NYMO sell signal made a visual hit just shy of the 30 level at 31.54. That was a very near miss and I’d count that as close enough, so that is effectively made though usually we would see a close under the 30 level and we’ll most likely see one here as well.
In terms of the stats I was looking at on Friday for series of bearish reversal candles the minimum requirement of a 1.65% decline was met yesterday with move of 1.665% from the all time high into yesterday’s low. Of the nine examples that I listed, two reversed back up to retest the high after that decline, of which one continued the previous uptrend, and the other made a marginal new high before a 9.83% decline from that second high. Six continued down without a retest of the high to a median decline of 4.5% to 5% from the high, and an average (mean) decline of 15%. The odds therefore favor continuation down without a retest by three to one. We shall see how far the bulls can rally today.
