fri. 10_26

A lot of drama for 4-days of a 1.3% range (though those four days started off with a 1% gap down).  So, all of that drama and we closed essentially around the midpoint of that range.

It's not the first time we have spent an extended period of time in this price range;

It has been a pretty steady pullback so far, while we come into support on the weekly

An updated view of a previous weekly chart.

A closer look;  some similarities between now and previous price behavior around the "re-test" range after a prior breakout.  It's possible the gravestone doji that closed on 10/19 (in the chart below) was our "re-test"; as the previous occurrence (back in April-May of 2011) spent 4-weeks following the high before a re-test.  The 10/19 doji was the 5th week following a high.  If this zone gives way there could be heavier selling.

Curious to see the stairs getting narrower through time though.  What I mean is that the returns on these rallies have been seriously diminishing.