So after staying up all night through the Feb. 10th flash crash (thank you Mt. Gox), I've maybe got a few brain cells left. I was charting this same downward pitchfork leading up to the dump, and amazingly we seem to have bounced right back up into it, as if nothing ever happened (like momentary $102 coins). But the trend is still holding perfectly, declining at the same angle.
Such a selloff would normally be followed by a solid consolidation period (often at 50%), but that didn't happen here. Like a weak branch of a tree with a high shallow angle, this bounce is going to have to roll over and find a more solid consolidation zone where it can go flat sideways -- not slide perilously down like this.
Such a selloff would normally be followed by a solid consolidation period (often at 50%), but that didn't happen here. Like a weak branch of a tree with a high shallow angle, this bounce is going to have to roll over and find a more solid consolidation zone where it can go flat sideways -- not slide perilously down like this.