Tom:
I think you are correct on this; but it helps in focusing on what might be developing right here:
Seems to me that:
We have seen a climax on trading with the recent huge volume crash and have now seen a very minor automatic rally and a light secondary [/b]test...way too soon to call it a LASTING BOTTOM, it will require more time to establish a base. Therefore, using 1 min charts, 5 min chart, etc. will help for minor moves but not for more important ones...
I do see something possible though: some sort of NEWS would have an immediate impact that the chart could not possibly anticipate! Charts are footprints to the past and are used in hopes of following money moves for the future, that's why we get our beat downs....not perfect, but helpful tools.
Have a nice Thanksgiving.....Steve
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