Interesting chart of the Nasdaq (IXIC). You can see at the high we had the negative sell divergence with price triple topping, while the OP kept going to new highs (as shown by red arrows), with an overbought Technometer as shown by red dot. This showed selling behind the scenes.
We then get to an oversold reading on the way down as shown by the green dot. But we continued lower which showed weakness, as we couldn't really even being oversold. The next rally was stopped in the same vicinity as the previous oversold reading (green dot), as shown by the second overbought (second red dot). This is showing that what should have been support, now turning into resistance. All this leads to another bout of selling....
We now have had another rally that takes us to our third overbought reading as shown by third red dot. We have had an a-b-c- rally off the lows, so if we turn down here once again it should lead to more selling.
We then get to an oversold reading on the way down as shown by the green dot. But we continued lower which showed weakness, as we couldn't really even being oversold. The next rally was stopped in the same vicinity as the previous oversold reading (green dot), as shown by the second overbought (second red dot). This is showing that what should have been support, now turning into resistance. All this leads to another bout of selling....
We now have had another rally that takes us to our third overbought reading as shown by third red dot. We have had an a-b-c- rally off the lows, so if we turn down here once again it should lead to more selling.
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