This is a revision of my post of yesterday, which was an update of my post of May 2nd.

In this chart of the daily bars, we see the continuation of a downtrend that started after the high on April 26th.  Initially, it broke down through the old S3 curve (not shown) which indicated that the previous uptrend had ended.  Then, in the hectic down spike of May 6th, it broke through old S1, which indicated that this is a downtrend.  Furthermore, while it is breaking these supports, its pullups are holding below the new hierarchy of resistance curves, R1 and R2; this confirms that we are in a downtrend on this timeframe.

It’s interesting to look at the Money Flow Index in the upper pane.  This is actually the volume weighted RSI, and as an RSI, trendline analysis on the RSI curve itself is often found to be useful.  We see that the blue trendline was a leading indicator of the downtrend we’re in now, and furthermore, that trendline is still holding, so as yet, we have no leading indication of the end of this downtrend.

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