I'm seeing this bounce in GS as a flag and looking internally via OBV it's obvious that the OBV line was pushed down during the selling on healthy volume but the subsequent bounce is coming on much lighter volume as reflected in the OBV's inability to make a higher high with price. I see this as market makers forcing buyers and shorts to chase the offer and I'm expecting a pull back in price on increased volume by tomorrow afternoon..
I'll be looking for price action along these lines by the end of this week...
Wednesday, August 12, 2009
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