Hey Jett, it's been a while, hope you're doin fine. Anywho, you can make that argument, but in my studies, distirbution occurs on a down day with higher volume than the prior day, which occurred on the 23rd. That daily candle is referred to as a 'dark cloud cover'. It's a high probability reversal of trend candle. So, if you think this is consolidation, $5.70 or thereabouts should hold. However, the RSI has tanked and if it stays down here it wouldn't be good. Thing with consolidation for me is that if this is indeed true, there's opportunity elsewhere. Let the consolidation form, and monitor for upside/downside break. Personally, I think the market is setting up for something bad. And, crude is looking toppy. All IMHO! Good Luck and Take Care.
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