Strange chart this morning. It appears that the gung ho bulls are making an attempt to defy a double top. But, unless this rally attempt gathers some momentum, and some volume, all that is likely to happen here is a divergent sell signal between the price and the Stochastic. Presently this rally seems doomed to fail and we should see a pull back now to recent support around $2.06 which I believe will also fail in the face of this interim market top and a further decline to around $1.90 (normal Fibonacci retracement for this wave) should then present a very attractive buying opportunity. With the NEW Moon approaching, as a chart watcher, I would not be too eager to buy until the FULL Moon on the 15th, assuming that it is accompanied by firm support in the $1.90 area. Just my 2-cents!
I like SIRI long term but, I'm primarily a swing trader so I make every attempt to enter a market at an optimal price and if my analysis is correct, that will not happen for at least a few weeks. Thought you might like to know how I view the technical side of this market.
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